Company: SHPH
Filing Date: 2025-02-28
Form Type: 8-K
Source: 0001493152-25-008742
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Company: Shuttle Pharmaceuticals Holdings, Inc.
Filing Date: 2025-02-28
Form: 8-K
Item: Item 1.01
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Item
1.01 Entry into a Material Definitive Agreement.

On
February 28, 2025, Shuttle Pharmaceuticals Holdings, Inc. (the “ Company”) entered into a Revolving Loan Agreement (the “ Revolving
Loan Agreement”) with certain lender identified on the signature page thereto (the “ Lender”). Pursuant to and under
the terms of the Revolving Loan Agreement, the Company issued to the Lender a revolving note dated February 28, 2025 in the principal
amount of up to $2,000,000 (the “ Revolving Note” and such amount, the “ Maximum Outstanding Amount”), which the
Company may draw upon at its discretion from time to time (the “ Financing”). Terms used herein but not defined in this Current
Report on Form 8-K shall have the same meaning assigned to them in the Revolving Loan Agreement. Proceeds from the Financing may
be used for general corporate purposes, including but not limited to finance the expense of a Qualified Public Equity Offering (as defined
below). WestPark Capital, Inc. (the “ Financial Advisor”) served as financial advisor to the Company with regard to the Financing.
The Financial Advisor received a fee of $20,000 following the signing of the Revolving Loan Agreement and will be entitled to receive
a fee of four percent (4%) with regard to each draw down of the Revolving Note.

The
Revolving Note bears interest at the rate of 18% per annum calculated on the basis of a 360-day year, consisting of twelve 30 calendar
day periods, and shall accrue interest daily commencing from the date of any draw down until paid in full.

On
the first anniversary of the Closing Date, the entire Payment Amount (or, if an Event of Default shall have previously occurred, the
Default Amount) shall become due and payable (the “ Maturity Date”). All outstanding Revolving Loans: (i) shall be payable
in full on the Maturity Date or may be paid or pre-paid, in whole or in part, to the Lender prior to the Maturity Date, and (ii)
may thereafter be borrowed or reborrowed, subject to the terms of the Revolving Loan Agreement. All payments of principal of any Revolving
Loan or Revolving Loans thereunder shall be accompanied by the payment in full of all accrued and unpaid interest thereon. No Revolving
Loans may be requested or made hereunder on any date that is after the tenth