Bullfrog AI Holdings, Inc. Announces Successful Completion of Securities Purchase Agreement

On October 18, 2024, Bullfrog AI Holdings, Inc. (NASDAQ: BFRG) disclosed that the company had entered into a Securities Purchase Agreement with institutional investors. This agreement resulted in the issuance of 862,602 shares of common stock, pre-funded warrants for the purchase of 702,398 shares of common stock, and warrants to purchase 1,565,000 shares of common stock. The registered direct offering and concurrent private placement led to gross proceeds totaling approximately $3.13 million.

The issuance of the Shares, Pre-Funded Warrants, and Common Warrants was executed in compliance with a shelf registration statement on Form S-3 that had been declared effective by the Securities Exchange Commission in August 2024. Additionally, certain restrictions were placed on the issuance of shares following the closing of the Transactions, aiming to maintain stability and prevent any potential adverse impacts on the market.

Bullfrog AI also engaged Wallachbeth Capital, LLC as the placement agent for these transactions. The Placement Agency Agreement specified that the Placement Agent would receive a cash fee of 8.0% of the gross proceeds and a warrant to purchase 62,600 shares of Common Stock.

A registration statement on Form S-3 will be filed by Bullfrog AI, facilitating the resale of the Common Warrant Shares and the Placement Agent Warrant Shares. The Parties involved agreed not to distribute these securities publicly without an effective registration statement or an exemption per the Securities Act.

The Company disclosed the Pricing of the Offering and the subsequent Closing of the Offering through press releases. The aggregate gross proceeds were announced to be $3.13 million, excluding potential proceeds from exercising the warrants and deducting associated fees and expenses.

Bullfrog AI’s initiative in leveraging Artificial Intelligence and machine learning for drug development has been noted through its bfLEAP(TM) proprietary platform, demonstrating the Company’s commitment to innovation in pharmaceuticals and biologics development.

Investors and stakeholders await further updates on the Company’s progress in utilizing advanced technologies to advance drug development processes.

Contact:
Dave Gentry
RedChip Companies, Inc.
1-407-644-4256
[email protected]

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Bullfrog AI’s 8K filing here.

Bullfrog AI Company Profile

Bullfrog AI Holdings, Inc, through its subsidiaries, operates as a digital biopharmaceutical company that focuses on artificial intelligence and machine learning (AI/ML) driven analysis of data sets in medicine and healthcare in the United States. The company offers bfLEAP, an analytical AI/ML platform for the analysis of preclinical and/or clinical data.