Bullfrog AI Holdings, Inc. current report, 23 May 2023

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Business Context and Reporting Period

Bullfrog AI Holdings, Inc. filed a Form 8-K dated May 23, 2023, reporting a Nasdaq listing-compliance matter related to the delayed filing of its Form 10-Q for the quarter ended March 31, 2023.

Financial and Liquidity Metrics

The filing does not provide revenue, profit, cash flow, margins, debt, liquidity, or other financial metrics. It addresses only the company’s Nasdaq compliance status.

Material Changes Versus the Prior Comparable Period

  • On May 23, 2023, Nasdaq notified the company that it was not in compliance with Nasdaq Listing Rule 5250(c)(1) because of the delayed Form 10-Q filing.
  • The company had filed the Form 10-Q on May 22, 2023 and stated that it had regained compliance.

Guidance, Outlook, Risks, Contingencies, and Unusual Items

  • The company initially had until July 24, 2023 to submit a compliance plan to Nasdaq.
  • If accepted, Nasdaq could have granted up to 180 additional calendar days from the prescribed Form 10-Q due date to regain compliance. If rejected, the company could appeal to a Nasdaq Hearings Panel.
  • The deficiency letter had no immediate effect on the listing of the company’s common stock or tradeable warrants on the Nasdaq Capital Market.
  • The filing states that compliance was restored following the Form 10-Q filing.
  • The filing references an attached press release concerning the filing of the company’s Form 10-K, although the reported compliance issue concerns the Form 10-Q; the filing text does not clarify this apparent inconsistency.

Key Facts for Investors to Verify

  • Confirm the May 22, 2023 Form 10-Q filing and review its financial statements, liquidity disclosures, and any going-concern or subsequent-event disclosures.
  • Verify Nasdaq’s recognition of the company’s restored compliance and whether any further listing conditions applied.
  • Review Exhibit 99.1 and clarify whether its reference to the Form 10-K is accurate or is a filing-text error.
  • Confirm that the company’s common stock and tradeable warrants remained listed without interruption.