Company: BFRG
Filing Date: 2025-10-10
Form Type: S-1
Source: 0001493152-25-017809
Chunk: 22

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-10-10
Form: S-1
Chunk 22
---
, and the terms of subsequent financings may adversely impact our stockholders.

Depending on the prevailing market price of our common stock, we may not be able to sell shares to Lincoln Park for up to the maximum of $10 million over the term of the Purchase Agreement. Lincoln Park will not be required to purchase any shares of our common stock if such sale would result in Lincoln Park’s beneficial ownership of our common stock exceeding the Beneficial Ownership Cap. Additionally, Lincoln Park will not be required to purchase any shares of our common stock if it would result in Lincoln Park’s ownership exceeding the Exchange Cap, unless our stockholders approve, in accordance with applicable Nasdaq listing rules, the sale of shares in excess of the Exchange Cap. Our inability to access a portion or the full amount available under the Purchase Agreement, in the absence of any other financing sources, could have a material adverse effect on our business.

| 12 |

We are currently listed on the Nasdaq Capital Market. If we are unable to maintain listing of our securities on Nasdaq or any stock exchange, our stock price could be adversely affected and the liquidity of our stock and our ability to obtain financing could be impaired and it may be more difficult for our shareholders to sell their securities.

Although our common stock is currently listed on the Nasdaq Capital Market, we may not be able to continue to meet the exchange’s minimum listing requirements or those of any other national exchange. The Listing Rules of Nasdaq require listing issuers to comply with certain standards in order to remain listed on its exchange. If, for any reason, we should fail to maintain compliance with these listing standards and Nasdaq should delist our securities from trading on its exchange and we are unable to obtain listing on another national securities exchange, a reduction in some or all of the following may occur, each of which could have a material adverse effect on our shareholders:

| ● | the                                                                                           
 liquidity of our common stock;                                                                |
| ● | the                                                                                           
 market price of our common stock;                                                             |
| ● | our                                                                                           
 ability to obtain financing for the continuation of our operations;                           |
| ● | the                                                                                           
 number of investors that will consider investing in our common stock;                         |
| ● | the                                                                                           
 number of market makers in our common stock;                                                  |
| ● | the                                                                                           
 availability of information concerning the trading prices and volume of our common stock; and |
| ● | the                                                                                           
 number of broker-dealers willing to execute trades in shares of our common stock.             |

Our independent registered