Company: SHPH
Filing Date: 2025-02-13
Form Type: S-1
Source: 0001493152-25-006202
Chunk: 225

Company: Shuttle Pharmaceuticals Holdings, Inc.
Filing Date: 2025-02-13
Form: S-1
Chunk 225
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| ● | A total of 66,250                                                                                                                                   
 shares of common stock upon the exercise of warrants and settlement of the December 2021 Notes and certain August 2022 Notes .                      
 Includes 62,500 shares of common stock issued upon the exercise and settlement of the December 2021 Notes with an estimated fair                    
 value of $2,031,249 and 3,750 shares of common stock issued upon the exercise and settlement of certain August 2022 Notes with an                   
 estimated fair value of $121,875.                                                                                                                   |
| ● | 22,535 shares of common stock upon the cashless exercise of warrants issued                                                                         
 to Boustead Securities LLC for placement agent and underwriter services provided to the Company                                                     |

Series A Preferred Shares

The Series A Preferred Stock, in accordance with its terms, is automatically convertible into a number of shares of the Company’s common stock upon the closing of the sale of shares of common stock to the public in a qualified offering (at a 10% discount to the initial public offering price, as set forth in the Series A certificate of designation) or upon listing of the Company’s common stock on a national securities exchange at a fixed price. The Series A Preferred Stock, while outstanding, accrued cumulative dividends at a rate of 8.5% per annum. In addition, the Series A Preferred Stock is callable by the Company, at a price equal to the stated value of the Series A Preferred Stock ($ 1,000per share), plus accrued and unpaid cumulative dividends.

In April 2022, the Company and holders of the Series A Preferred Stock agreed to modifications of the Series A certificate of designation which changed the definition of a “Qualified IPO” by lowering the minimum required proceeds to $ 10,000,000and removing the minimum per share IPO price, and changed the conversion price upon the listing of the Company’s common stock from $ 99.92per share to $ 40.00per share. The Company determined that these changes represented a substantial change in the terms of the Series A Preferred Stock and accounted for the changes as an extinguishment. The Company recognized the excess of the post-amendment fair value of the Series A Preferred Stock over its carrying value as a deemed dividend of $ 439,427, which increases net loss attributable to common stockholders during the year ended December 31, 2022.

During the year ended December 31, 2022 and upon completion of its initial public offering, the Company converted 1,