WallachBeth Capital Announce Pricing Of Bullfrog AI IPO At $6.50 Per Unit

Rhea-AI Summary

WallachBeth Capital LLC announced the pricing of BullFrog AI Holdings' initial public offering (IPO) of 1,297,318 units at $6.50 per unit, raising approximately $8.4 million before expenses. The IPO is expected to close around February 16, 2023. Each unit includes one share of common stock, a tradeable warrant with an exercise price of $7.80, and a non-tradeable warrant priced at $8.125. The shares and warrants are slated to begin trading on Nasdaq under symbols BFRG and BFRGW on February 14, 2023. Underwriters have a 45-day option to purchase additional shares and warrants, totaling up to 15% of the offering.

Positive

• IPO priced at $6.50 per unit, raising $8.4 million gross proceeds.
• Tradeable warrants provide potential for future capital at $7.80 exercise price.
• Non-tradeable warrants priced attractively at $8.125, may enhance investor interest.

Negative

• The offering may dilute existing shareholders' equity due to additional shares being offered.

JERSEY CITY, N.J., Feb. 14, 2023 /PRNewswire/ -- WallachBeth Capital LLC, a leading provider of capital markets and institutional execution services, announced today that BullFrog AI Holdings, Inc. (NASDAQ: BFRG; BFRGW) ("BullFrog AI" or the "Company"), a digital technology company using machine learning to usher in a new era of precision medicine priced its initial public offering of 1,297,318 units at a price of $6.50 per unit for a total of $8.4 million of gross proceeds to the Company before deducting underwriting discounts and commissions and other estimated offering expenses.

Each unit consists of one share of the Company's common stock, one tradeable warrant (each, a "Tradeable Warrant," collectively, the "Tradeable Warrants") to purchase one share of common stock at an exercise price of $7.80 per share, and one non-tradeable warrant (each, a "Non-tradeable Warrant," collectively, the "Non-tradeable Warrants"; together with the Tradeable Warrants, each, a "Warrant," collectively, the "Warrants") to purchase one share of the Company's common stock at an exercise price of $8.125. The shares and Tradeable Warrants are expected to begin trading on the Nasdaq Capital Market on February 14, 2023, under the symbol "BFRG" and "BFRGW", respectively. The offering is expected to close on or about February 16, 2023, subject to customary closing conditions.

The underwriters have been granted an option, exercisable within 45-days after the closing of this offering, to purchase shares of the Company's common stock at a price of $6.48 per share and/or Tradeable Warrants at a price of $0.01 per Tradeable Warrant, and/or Non-tradeable Warrants at $0.01 per Non-tradeable Warrant, or any combination of additional shares of common stock and Warrants representing, in the aggregate, up to 15% of the number of Units sold in this offering, in all cases less the underwriting discount.

WallachBeth Capital, LLC and Kingswood , a division of Kingswood Capital Partners, LLC are Joint Bookrunners and Co- Underwriters for the Offering.

The offering is being made only by means of a prospectus. A copy of the final prospectus related to the offering may be obtained, when available, from Wallachbeth Capital, LLC, via email: cap-mkts@wallachbeth.com or by calling +1 (646) 237-8585, or by standard mail at Wallachbeth Capital, LLC, Attn: Capital Markets, 185 Hudson St, Jersey City, NJ 07311, USA. In addition, a copy of the final prospectus, when available, relating to the offering may be obtained via the SEC's website at www.sec.gov.

A registration statement on Form S-1 (File No. 333-267951) relating to these securities was filed with the Securities and Exchange Commission and was declared effective on February 13, 2023. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Bullfrog AI:

BullFrog AI is a digital technology company using machine learning to usher in a new era of precision medicine. Through its collaborations with leading research institutions, including Johns Hopkins University, and others, BullFrog AI is at the forefront of AI-driven drug development. Using its proprietary bfLEAP™ Artificial Intelligence platform, BullFrog AI aims to enable the successful development of pharmaceuticals and biologics by predicting which patients will respond to therapies in development. BullFrog AI is deploying bfLEAP™ for use at several critical stages of development with the intention of streamlining data analytics in therapeutics development, decreasing the overall development costs by decreasing failure rates for new therapeutics, and impacting the lives of countless patients that may have otherwise not received the therapies they need.

About WallachBeth Capital LLC

WallachBeth Capital offers a robust range of capital markets and investment banking services to the healthcare community, connecting corporate clients with leading institutions, creating value for both issuers and investors. The firm's experience includes initial public offerings, follow-on issues, PIPE offerings, and private transactions. The firm's website is located at www.wallachbeth.com.

This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Forward-Looking Statements

This press release contains forward-looking statements, including statements regarding the anticipated use of proceeds from the Company's offering of its units. Forward-looking statements can be identified by words such as "believes," "expects," "estimates," "intends," "may," "plans," "will" and similar expressions, or the negative of these words. Such forward-looking statements are based on facts and conditions as they exist at the time such statements are made and predictions as to future facts and conditions. Readers of this press release are cautioned not to place undue reliance on any forward-looking statements. The Company does not undertake any obligation to update any forward-looking statement relating to matters discussed in this press release, except as may be required by applicable securities laws.

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SOURCE WallachBeth Capital LLC

FAQ

What is the IPO price of BullFrog AI Holdings?

The IPO price for BullFrog AI Holdings is $6.50 per unit.

When will BullFrog AI start trading on Nasdaq?

BullFrog AI is expected to start trading on Nasdaq under symbols BFRG and BFRGW on February 14, 2023.

How much capital will BullFrog AI raise from its IPO?

BullFrog AI will raise approximately $8.4 million in gross proceeds from its IPO.

What are the terms of the warrants included in the BullFrog AI IPO?

Each unit consists of a tradeable warrant with a $7.80 exercise price and a non-tradeable warrant with an $8.125 exercise price.

What options do underwriters have following the BullFrog AI offering?

Underwriters have a 45-day option to purchase additional shares and warrants up to 15% of the number of units sold.