Company: BFRG
Filing Date: 2025-04-25
Form Type: 424B5
Source: 0001641172-25-006297
Chunk: 18

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-04-25
Form: 424B5
Chunk 18
---
 Holder generally will not be subject to U.S. federal income or withholding tax on gains realized on a sale, exchange or other taxable disposition of the Offered Securities unless:

| ● | the                                                                                              
 gain is effectively connected with the Non-U.S. Holder’s conduct of a trade or business          
 in the United States (and, if required by an applicable income tax treaty, is attributable       
 to a permanent establishment or fixed base maintained by the Non-U.S. Holder in the United       
 States). If a Non-U.S. Holder recognizes gains on a sale, exchange or other taxable disposition  
 of the Offered Securities that is effectively connected with the Non-U.S. Holder’s               
 conduct of a trade or business in the United States (and if required by an applicable income     
 tax treaty, is attributable to a permanent establishment or fixed base maintained by the         
 Non-U.S. Holder in the United States), the Non-U.S. Holder will generally be subject to U.S.     
 federal income tax at the regular U.S. federal income tax rates generally applicable to a        
 United States person. If the Non-U.S. Holder is a corporation, the Non-U.S. Holder may also      
 be subject to the branch profits tax at a 30-percent rate or such lower rate as may be specified 
 by an applicable income tax treaty. Non-U.S. Holders should consult their tax advisors with      
 respect to other U.S. tax consequences of the acquisition, ownership and disposition of the      
 Offered Securities, including the possible imposition of the branch profits tax;                 |

| S-11 |

Information reporting and backup withholding

Information returns will be filed with the IRS in connection with distributions on the Shares. Copies of the information returns reporting those distributions and withholding may also be made available to the tax authorities in the country in which a Non-U.S. Holder is a resident under the provisions of an applicable income tax treaty or agreement. Unless a Non-U.S. Holder complies with certification procedures to establish that the Non-U.S. Holder is not a United States person, information returns may also be filed with the IRS in connection with the proceeds from a sale, exchange or other disposition of the Offered Securities to or through the U.S. office (and, in certain cases, the foreign office) of a broker.

A Non-U.S. Holder may be subject to backup withholding (currently at a rate of 24 percent) on payments on the Offered Securities or on the proceeds from a sale, exchange or other disposition of the Offered Securities unless the