Company: BFRG
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023496
Chunk: 57

Company: BullFrog AI Holdings, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 8
Chunk 57
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 to which the Company may offer and sell, from time to
time in its sole discretion, shares of common stock having an aggregate offering price of $20.0 million through BTIG, as the Company’s
sales agent. The Company is not obligated to make any sales of common stock under the ATM Agreement, and BTIG is not required to sell
any specific number or dollar amount of shares. Subject to the Company’s request to sell shares of common stock, BTIG will use
commercially reasonable efforts, consistent with its normal trading and sales practices, to sell such shares on the Company’s behalf.
The Company will pay BTIG a commission of 3% of the gross sales price of any shares of common stock sold through BTIG under the ATM Agreement
and will reimburse BTIG for reasonable and documented out-of-pocket expenses incurred by BTIG, including the reasonable and documented
fees and disbursements of counsel to BTIG, subject to specified caps.

Through
September 30, 2025, the Company received approximately $1.1 million of gross proceeds from the sale of 693,487 shares of the Company’s
common stock at an average price of approximately $1.58 per share. In connection with these sales, the Company incurred expenses of approximately
$164,000, of which $7,500 remains unpaid at September 30, 2025. As of September 30, 2025, approximately $18.9 million of capacity remains
available under the ATM Agreement; however, the amount the Company is permitted to raise in any 12-month period is limited based on its
public float pursuant to SEC General Instruction I.B.6 of Form S-3. Accordingly, as of September 30, 2025, the Company is limited to
additional common stock sales of approximately $2.0 million. This amount is subject to adjustment based on increases in the Company’s
public float.

    11

In
September 2025, the Company entered into a purchase agreement with Lincoln Park Capital Fund, LLC (“Lincoln Park”), pursuant
to which Lincoln Park committed to purchase up to $10.0 million of the Company’s common stock, subject to certain limitations.
The Company has the right, but not the obligation, to sell to Lincoln Park, and Lincoln Park is obligated to purchase up to $10.0 million
of the Company’s common stock. Such sales of common stock by the Company, if any, will be subject to certain limitations set forth