Company: SHPH
Filing Date: 2025-01-24
Form Type: 424B3
Source: 0001493152-25-003508
Chunk: 227

Company: Shuttle Pharmaceuticals Holdings, Inc.
Filing Date: 2025-01-24
Form: 424B3
Chunk 227
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625 shares of common stock at an exercise price of $20.00 per share. These warrants were classified
in equity and exercised on a cashless basis in September 2022.

Boustead additionally received a warrant to purchase
21,453 shares of common stock at an exercise price of $97.52 per share upon the closing of the IPO. These warrants were classified in
equity and exercised on a cashless basis in September 2022. Upon the closing of the overallotment option to the IPO, Boustead received
an additional warrant to purchase 3,218 shares of common stock at an exercise price of $97.52 per share. The Company determined that these warrants should be classified in equity.
The fair value of the warrant issued at the closing of the IPO was estimated to be $426,752 using a Black-Scholes model, with inputs that
included an estimated fair value of the Company’s common stock of $32.50, an exercise price of $97.52 per share, a five-year term,
101.8% volatility and a risk free rate of 3.27%. The fair value of the warrant issued at the closing of the overallotment option was estimated
to be $111,296 using a Black-Scholes model, with inputs that included an estimated fair value of the Company’s common stock of $50.88,
an exercise price of $97.52 per share, a five-year term, 101.4% volatility and a risk free rate of 3.74%. The fair value of these warrants
was recorded to additional paid in capital and represented an issuance cost of the initial public offering (recorded as a deduction to
additional paid in capital). These warrants remain outstanding
as of December 31, 2023.

Alto Opportunity Master Fund, SPC

In connection with the January 2023 Alto Convertible Note, Boustead was granted warrants to purchase 8,909shares of common stock, at an exercise price of $ 18.80per share (Note 6). In addition, Alto was granted warrants to purchase 127,260shares of common stock, at an exercise price of $ 18.80per share (Note 6, 8).

A summary of activity regarding all warrants issued for the year ended December 31, 2023 and 2022 were as follows:

Schedule of Warrants Activity

|                                |     | Number of     
 Warrants      
 (as restated) |