Company: BFRG
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023496
Chunk: 17

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 1
Chunk 17
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 common stock with an exercise price of $2.00 per share exercisable
after six (6) months from the date of issuance for a five year period from the initial exercise date in a concurrent private placement.
In conjunction with the transactions, the Company paid the placement agent an aggregate cash fee of 8.0% of the gross proceeds from the
sale of securities in the transaction, reimbursed the placement agent for certain out-of-pocket expenses and issued to the placement
agent warrants to purchase an aggregate of 62,600 shares of common stock, equal to 4% of the aggregate number of shares of common stock
and pre-funded warrants sold in the registered direct offering. The placement agent warrants have an exercise price of $2.00 per share
and are exercisable six (6) months from the date of issuance for a five year period from the initial exercise date. The pre-funded warrants
were exercised in their entirety in cashless exercise transactions as of March 31, 2025, pursuant to which 702,373 shares of common stock
were issued.

In
April 2025, the Company entered into the ATM Agreement with BTIG, LLC, pursuant to which the Company may offer and sell, from time to
time in its sole discretion, shares of common stock having an aggregate offering price of $20.0 million through BTIG, as the Company’s
sales agent. The Company is not obligated to make any sales of common stock under the ATM Agreement, and BTIG is not required to sell
any specific number or dollar amount of shares. Subject to the Company’s request to sell shares of common stock, BTIG will use
commercially reasonable efforts, consistent with its normal trading and sales practices, to sell such shares on the Company’s behalf.
The Company will pay BTIG a commission of 3% of the gross sales price of any shares of common stock sold through BTIG under the ATM Agreement
and will reimburse BTIG for reasonable and documented out-of-pocket expenses incurred by BTIG, including the reasonable and documented
fees and disbursements of counsel to BTIG, subject to specified caps.

Through
September 30, 2025, the Company received approximately $1.1 million of gross proceeds from the sale of 693,487 shares of the Company’s
common stock at an average price of approximately $1.58 per share. In connection with these sales, the Company incurred expenses of approximately
$164,000, of which $7,500 remains