Company: BFRG
Filing Date: 2025-12-01
Form Type: 424B3
Source: 0001493152-25-025570
Chunk: 15

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-12-01
Form: 424B3
Chunk 15
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 to issuances and sales of shares of our common stock under the Purchase Agreement, unless and until we obtain the requisite stockholder approval in accordance with applicable Nasdaq listing rules to issue and sell shares of our common stock in excess of the Exchange Cap unless clause (ii) of the preceding paragraph is satisfied.

The Purchase Agreement also prohibits us from directing Lincoln Park to purchase any shares of our common stock if those shares of our common stock, when aggregated with all other shares of our common stock then beneficially owned by Lincoln Park and its affiliates, would result in Lincoln Park having beneficial ownership, at any single point in time, of more than 4.99% of the then total outstanding shares of our common stock, as calculated pursuant to Section 13(d) of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and Rule 13d-3 thereunder (the “Beneficial Ownership Cap”).

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As of the date of this prospectus, we have issued to Lincoln Park 147,682 Commitment Shares in consideration for Lincoln Park’s commitment to purchase shares of common stock at our discretion under the Purchase Agreement. Although the Purchase Agreement provides that we may sell up to $10 million of our common stock to Lincoln Park, only 4,852,318 additional shares of common stock can be issued to Lincoln Park from and after the date of this prospectus, if and when we elect to sell such shares to Lincoln Park under the Purchase Agreement, as that is the quantity being registered under the Securities Act for resale by Lincoln Park under the registration statement that includes this prospectus. Depending on the market price of our common stock at the time we elect to issue and sell shares of our common stock to Lincoln Park under the Purchase Agreement, we may need to register for resale under the Securities Act additional shares of our common stock in order to receive aggregate gross proceeds equal to the $10,000,000 available to us under the Purchase Agreement.

As of August 29, 2025, there were 10,249,805 shares of our common stock outstanding, of which 7,794,378 shares were held by non-affiliates. If all of the 5,000,000 shares of our common stock that may be sold to Lincoln Park in the future under the Purchase Agreement that are being registered for resale hereunder were issued and outstanding as of August 29, 2025 without taking into account the Beneficial Ownership Cap described above), such shares of our common stock, would