Company: SHPH
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001493152-25-008300
Chunk: 590

Company: Shuttle Pharmaceuticals Holdings, Inc.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 2
Chunk 590
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 accredited investors pursuant to an exemption from registration under Rule 506(b) of the Securities Act. Boustead
Securities LLC acted as placement agent and received warrants to purchase 625 shares of common stock exercisable at $20.00 per share,
equal to 10% of the value of the note offering, and $12,500 in cash compensation.

On
January 11, 2023, we entered into a stock purchase agreement (the “SPA”) with the Alto Opportunity Master Fund, SPC –
Segregated Master Portfolio B, a Cayman entity (the “Investor”), pursuant to which the Company sold to the Investor a $4.3
million convertible note (the “Convertible Note”) and warrant (the “Warrant”) to purchase 127,260 shares of common
stock of the Company, in exchange for gross proceeds of $4.0 million Investment Amount. The Convertible Note amortizes on a monthly basis
and the Company can make such monthly amortization payments in cash or, subject to certain equity conditions, in registered shares of
common stock or a combination thereof. For equity repayment, the Convertible Note is convertible into shares of common stock at price
per share equal to the lower of (i) $18.80 (ii) 90% of the three lowest daily VWAPs of the 15 trading days prior to the payment date
or (iii) 90% of the VWAP of the trading day prior to payment date. The Convertible Note is repayable over 26 months and bears interest
at the rate of 5% per annum. The Warrant is exercisable for four years from the date of closing and is exercisable at $0.48 per share.
In the event the Investor exercises the Warrant in full, such exercise would result in additional gross proceeds to the Company of approximately
$0.1 million.

On
May 10, 2023, we entered into an amendment agreement to the SPA (the “Amendment Agreement”). Under the Amendment Agreement,
the Company and the Investor amended the transaction documents as follows: (i) amended and restated Section 2 of the Warrant so as to
remove a provision that would have potentially required an adjustment to the number of warrant shares exercisable under the Warrant,
(ii) stipulated that the Company would obtain majority shareholder approval to issue up to an additional $10 million Subsequent Notes
and Subsequent Warrants equal to 42.5% of the outstanding