BullFrog AI Holdings Shares Fall After Public Offering

Dow Jones02-01

By Colin Kellaher

BullFrog AI Holdings shares fell sharply Thursday after the digital biopharmaceutical company said it was raising $5.7 million in a dilutive public offering.

The Gaithersburg, Md., company said it is selling nearly 1.51 million shares, along with warrants to buy up to another 1.51 million shares, at an offering price of $3.78 a share, well below Wednesday's closing price of $4.88.

BullFrog shares were recently changing hands at $4.30, down nearly 12%.

BullFrog, which had nearly 6.1 million shares outstanding before the offering, said it plans to use proceeds from the offering for working capital and other general corporate purposes.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

February 01, 2024 09:46 ET (14:46 GMT)

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