Company: BFRG
Filing Date: 2025-04-25
Form Type: 424B5
Source: 0001641172-25-006297
Chunk: 12

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-04-25
Form: 424B5
Chunk 12
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 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; |

| S-7 |

| ● | 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 public accounting firm has included an explanatory paragraph relating to our ability to continue as a going concern in its report on our audited financial statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

The report from our independent registered public accounting firm for the year ended December 31, 2024, includes an explanatory paragraph stating that we reported continued net losses from operations and negative cash flows from operations, and that our cash and cash equivalent balance may not sufficiently cover operating expenditures for the next twelve-month period without raising additional funds. These conditions raise substantial doubt about our ability to continue as a going concern. As of December 31, 2024, the Company had a cash balance of approximately $5.4 million. These conditions could materially limit our ability to raise additional funds through the issuance of new debt or equity securities or otherwise. There is no assurance that sufficient financing will be available when needed, or at all, to allow us to continue as a going concern. The perception that we may not be able to continue as a going concern may also make it more difficult to operate our business due to concerns