Company: BFRG
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023496
Chunk: 39

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 1
Chunk 39
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 to $10.0 million of the Company’s common stock, subject to certain limitations.
The Company has the right, but not the obligation, to sell to Lincoln Park, and Lincoln Park is obligated to purchase up to $10.0 million
of the Company’s common stock. Such sales of common stock by the Company, if any, will be subject to certain limitations set forth
in the purchase agreement, and may occur from time to time, at the Company’s sole discretion, over the 36-month period commencing
on the date that the conditions to Lincoln Park’s purchase obligation set forth in the purchase agreement are satisfied, including
that a registration statement covering the resale by Lincoln Park of shares of common stock that have been and may be issued to Lincoln
Park under the purchase agreement, which the Company filed with the U.S. Securities and Exchange Commission (the “SEC”) in
October 2025, is declared effective by the SEC. No shares were sold under this facility during the nine months ended September 30, 2025.
In connection with the purchase agreement, we issued 147,682 shares of common stock valued at approximately $207,000 to Lincoln Park
as a fee in advance of any sales pursuant to this facility.

As
of September 30, 2025, the Company’s cash and cash equivalents position is not sufficient to fund the Company’s planned operations
for at least a year beyond the filing date of the unaudited condensed consolidated financial statements. This risk factor, as well as
other factors, raise substantial doubt about the Company’s ability to continue as a going concern. The ability to continue as a
going concern is dependent upon the Company obtaining the necessary financing or revenues to meet its obligations arising from normal
business operations when they become due. Accordingly, we will seek additional capital to continue to execute our strategy as discussed
above.

On
August 21, 2025, the Company received a letter from the listing staff of The Nasdaq Stock Market LLC (“Nasdaq”) that the
Company was no longer in compliance with the minimum stockholders’ equity requirement for continued listing on Nasdaq pursuant
to Nasdaq Listing Rule 5550(b)(1) (the “Stockholders’ Equity Rule”). The Stockholders’ Equity Rule requires companies
listed on the Nasdaq Capital Market to maintain stockholders’ equity of at least $2,500,000 or to meet alternatives of market value
of listed securities or net income from continuing operations, which the Company does