Company: SHPH
Filing Date: 2025-02-13
Form Type: S-1
Source: 0001493152-25-006202
Chunk: 201

Company: Shuttle Pharmaceuticals Holdings, Inc.
Filing Date: 2025-02-13
Form: S-1
Chunk 201
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 the Company’s authorized shares of common stock
or preferred stock. Following the reverse stock split on August 13, 2024, the Company had a total of 2,111,235
shares issued and outstanding (or 2,008,689
on a post-split basis as of December 31, 2023). The Reverse Stock Split also resulted in an adjustment to the consolidated balance
sheets for the years ended December 31, 2023, December 31, 2022 and December 31, 2021 with an increase to additional paid in capital
of $141,
$119
and $81,
respectively, and an offsetting adjustment to the carrying value of common stock. All share, option, warrant and per share amounts
(except our authorized outstanding) have been retroactively restated in these financial statements and related disclosures. The
effect of the Reverse Stock Split has been included in Note 2 in the “As Reported” and in Note 11 in the “As
Reported” amounts for additional paid in capital.

Note 2 – Restatement of Previously Issued Financial Statements

As previously disclosed in the Company’s
Quarterly Report on Form 10-Q for the period ended March 31, 2024, filed with the Securities and Exchange Commission
(“SEC”) on May 13, 2024, following the entry of a cease-and-desist order by the SEC against our former auditor, B.F.
Borgers CPA PC (“BF Borgers”), we commenced the re-audit (the “Re-audit”) of our consolidated financial
statements for the year ended December 31, 2022, which had been audited by BF Borgers. Since that time and as a result of the
Re-audit, and as initially disclosed on Form 8-K dated July 10, 2024, the Company and the Audit Committee have concluded and
informed our current auditor, Forvis Mazars, LLP, that our audited consolidated financial statements for the year ended December 31,
2022 (the “2022 Financial Statements”), our audited consolidated financial statements for the year ended December 31,
2023 (the “2023 Financial Statements”), and the quarterly periods included in the Company’s Annual Report
for the year ended December 31, 2023, and the quarterly report for the period ended March 31, 2024 require restatement and are not reliable.

The accounting errors impacting our 2022 Financial