Company: SHPH
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001493152-25-008300
Chunk: 268

Company: Shuttle Pharmaceuticals Holdings, Inc.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 1A
Chunk 268
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 of the outstanding principal value of the Subsequent Notes, which Subsequent Note and Subsequent
Warrant would be sold to the Investor on substantially the same terms as the existing Convertible Note and Warrant (each as amended by
the Amendment Agreement) and upon conversion and/or exercise would cause the potential issuance of in excess of 19.9% of the Company’s
issued and outstanding stock, (iii) that, upon obtaining majority stockholder approval, the Company would file a Schedule 14C related
to such potential issuance of the shares of common stock related to the potential sale of the Subsequent Notes and Subsequent Warrants
to the Investor within 30 calendar days of entry into the Amendment Agreement, and (iv) stipulated that the Investor would release $1,500,000
in cash collateral to the Company, with $1,000,000 to be released to the Company immediately upon singing of the Amendment Agreement
and $500,000 to be released upon the Company’s filing of the Schedule 14C. The Company obtained majority stockholder consent to
the potential sale of the Subsequent Notes and Subsequent Warrants to the Investor in advance of entry into the Amendment Agreement.

62

On
June 4, 2023, the Company entered into an amendment to the Amendment Agreement dated May 11, 2023 (the “Amendment to the Amendment
Agreement”), for purposes of amending the terms of the SPA. Under the Amendment to the Amendment Agreement, the Company and the
Investor agreed as follows: (i) that Section 15(q) to the Convertible Note, which required the Company to hold the Cash Collateral in
a Controlled Account Agreement (as defined in the Convertible Note), would no longer be applicable, (ii) that the Investor would stipulate
the release to the Company of the remaining Cash Collateral totaling $2,924,000 (thus releasing the full amount of the Cash Collateral
to the Company), and (iii) that, should the Investor exercise its option to purchase the Subsequent Notes and Subsequent Warrants, that
such Subsequent Notes would omit Section 15(q) and that the Company would not be required to maintain any controlled accounts or otherwise
be subject to any controlled account agreements. The Convertible Note was paid in full as of September 30, 2024.

During
October 2024, the Company completed a senior convertible note offering in two closings, as further described below.

On