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Biotech Bullfrog AI (BFAI) has adjusted terms for its approximately $9M initial public offering, with certain stockholders now planning to also offer shares.
Bullfrog said it intends to offer 1.3M units priced at $6.50 per unit, a figure is subject to change. Each unit would consist of one share plus one tradable warrant to buy one share for $7.80 and one non-tradable warrant to buy one share for $8.125.
The company also plans to conduct a 1-for-7 reverse stock split ahead of the deal. Selling stockholders intend to offer an additional 1.99M shares at the IPO price.
Bullfrog hopes to list its shares on Nasdaq under the symbol BFRG. The company had previously said shares would likely trade under the symbol BFAI. Wallachbeth Capital and Kingswood Capital Markets are serving as lead bookrunners.
The company has been operating in the red. For 2021, it reported a net loss of $586K and no revenue.
Based in Maryland, Bullfrog has developed an AI and machine learning-based platform called bfLEAP for analyzing data during the drug development process.
In November, Bullfrog said in a filing that it intended to offer 1.3M units at the assumed price of $6.375, which was subject to change. Each unit was to have consisted of one share plus one warrant to buy one share at the exercise price of $6.75 per share.
Bullfrog first filed to conduct an IPO in late October.
Image and article originally from seekingalpha.com. Read the original article here.