Company: SHPH
Filing Date: 2025-03-13
Form Type: 8-K
Source: 0001493152-25-010211
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Company: Shuttle Pharmaceuticals Holdings, Inc.
Filing Date: 2025-03-13
Form: 8-K
Item: Item 1.01
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Item
1.01 Entry into a Material Definitive Agreement.

On
March 12, 2025, Shuttle Pharmaceuticals Holdings, Inc. (the “ Company”) entered into an Underwriting Agreement (the “ Underwriting
Agreement”) with WestPark Capital, Inc., as sole underwriter (the “ Underwriter”), related to a public offering (the
“ Offering”) of (i) 1,340,921 shares (the “ Shares”) of common stock, par value $0.00001 per share (the “ Common
Stock”),
of the Company, at a public offering price of $0.30 per share and (ii) pre-funded warrants to purchase 17,825,746 shares of Common Stock
at an exercise price of $0.001 per share, at a public offering price of $0.299 per Pre-Funded Warrant
(the “ Pre-Funded Warrants,” together with the Shares, collectively referred to as the “ Securities”). The
Offering closed on March 13, 2025.

The
Pre-Funded Warrants are immediately exercisable until such time as the Pre-Funded Warrants are exercised in full. Under the terms of
the Pre-Funded Warrants, the Company may not effect the exercise of any Pre-Funded Warrant, and a holder will not be entitled to exercise
any portion of any Pre-Funded Warrant, in the event that such exercise would cause the aggregate number of shares of the Common
Stock beneficially owned by such holder (together with its affiliates) to exceed 4.99% of the number of shares of Common Stock outstanding
following such exercise. Under the terms of the Pre-Funded Warrants, a holder of a Pre-Funded Warrant may increase or decrease such percentage
to any other percentage not in excess of 9.99% provided that any such increase will not be effective until the 61st day after notice
from the holder is delivered to the Company.

The
Company received net proceeds from the Offering of approximately $5.2 million, after deducting the underwriting discount and estimated
offering expenses, assuming no exercise of the Pre-Funded Warrants sold in the Offering. The Company intends to use the net proceeds
from this Offering to fund its Phase II clinical trial for its lead product candidate, including $2.8 million in payments to Theradex
Systems, Inc., the Company’s clinical research organization (CRO) supporting its Phase II clinical trials for