Company: BFRG
Filing Date: 2025-09-16
Form Type: 8-K
Source: 0001493152-25-013729
Chunk: 2

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-09-16
Form: 8-K
Item: Item 1.01
Chunk 2
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 to Lincoln Park under the Purchase Agreement may in no case exceed 2,048,936 shares
(subject to adjustment as described above) of the Common Stock (which is equal to 19.99% of the shares of the Common Stock outstanding
immediately prior to the execution of the Purchase Agreement) (the “ Exchange Cap”), unless (i) stockholder approval is obtained
to issue Purchase Shares above the Exchange Cap, or (ii) at the time the Company has issued shares of Common Stock equal to the Exchange
Cap and at all times thereafter, the average price per share of Common Stock for all shares of Common Stock sold by the Company to Lincoln
Park under the Purchase Agreement equals or exceeds $1.4053 per share (which represents the lower of (A) the official closing price of
our Common Stock on Nasdaq on the trading day immediately preceding the date of the Purchase Agreement and (B) the average official closing
price of our Common Stock on Nasdaq for the five consecutive trading days ending on the trading day immediately preceding the date of
the Purchase Agreement, in each case as adjusted under applicable Nasdaq rules to take into account the issuance of shares of
Common Stock to Lincoln Park for non-cash consideration as payment of the commitment fee described below so that the Exchange Cap limitation
would not apply to issuances and sales of Common Stock under the Purchase Agreement pursuant to the rules and regulations of Nasdaq).

In
all cases, the Purchase Agreement also prohibits the Company from directing Lincoln Park to purchase any shares of Common Stock if those
shares, when aggregated with all other shares of Common Stock then beneficially owned by Lincoln Park (as calculated pursuant to Section
13(d) of the Securities Exchange Act of 1934, as amended, and Rule 13d-3 thereunder), would result in Lincoln Park beneficially owning
more than 4.99% of the then total outstanding shares of Common Stock.

There
are no restrictions on future financings, rights of first refusal, participation rights, penalties or liquidated damages in the Purchase
Agreement or Registration Rights Agreement, except the Company is prohibited (with certain specified exceptions set forth in the Purchase
Agreement) from effecting or entering into an agreement to effect an “equity line of credit” or other substantially similar
offering whereby an investor is irrevocably bound to purchase securities over a period of time from the Company at a price based on the
market price of the Common Stock at the time of each such purchase.