Company: BFRG
Filing Date: 2025-10-10
Form Type: S-1
Source: 0001493152-25-017809
Chunk: 36

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-10-10
Form: S-1
Chunk 36
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 Purchase Agreement in excess
of the Exchange Cap or (ii) the average price of all applicable sales of our common stock to Lincoln Park under the Purchase Agreement
equals or exceeds the $1.4053 Base Price, so that the Exchange Cap would not apply under applicable Nasdaq rules to issuances and sales
of our common stock to Lincoln Park under the Purchase Agreement. At a special meeting of our stockholders to be held on October 22,
2025, among other things, we are seeking the requisite stockholder authorization in accordance with applicable Nasdaq listing rules to
issue and sell shares of our common stock in excess of the 2,048,936 share Exchange Cap referred to above, if we so choose, to Lincoln
Park under the Purchase Agreement. Accordingly, if such requisite stockholder approval is obtained, we would be able to issue and sell
to Lincoln Park, in addition to the 147,682 Commitment Shares we have already issued to Lincoln Park on September 15, 2025, all of the
4,852,318 shares of common stock as Purchase Shares under the Purchase Agreement that are being registered under the Securities Act for
resale by Lincoln Park under the registration statement that includes this prospectus, at purchase prices averaging less than the Base
Price, without any further aggregate share issuance limitations under Nasdaq rules. The number of registered shares of common stock to
be issued reflected in the second column from the left does not give effect to the limitations on the number of shares we may be permitted
to issue to Lincoln Park from time to time under the Purchase Agreement as a result of the Beneficial Ownership Cap or the Exchange Cap.

(2) The denominator is based on 10,249,805
shares of our common stock outstanding as of August 29, 2025 and the shares of common stock set forth in the adjacent column to the left that we would have sold to Lincoln Park as Purchase Shares pursuant
to the Purchase Agreement, assuming such Purchase Shares are sold to Lincoln Park at the assumed average purchase price per share set
forth in the first column on the left. The numerator is based on the number of shares of our common stock issuable under the Purchase
Agreement at the corresponding assumed average purchase price per share set forth in the first column on the left, without giving
effect to the Exchange Cap or the Beneficial Ownership Cap.

(3) The closing sale price per share
of our common stock on October 9, 2025.

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