Company: SHPH
Filing Date: 2025-03-05
Form Type: S-1/A
Source: 0001493152-25-009106
Chunk: 51

Company: Shuttle Pharmaceuticals Holdings, Inc.
Filing Date: 2025-03-05
Form: S-1/A
Chunk 51
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is Senanayake, one of our independent directors, is CEO and CSO of TCG GreenChem and CSO of TCG Lifesciences Pvt Ltd. TCG GreenChem was contracted for process research, development and cGMP compliant manufacture of IPdR, The Company paid TCG GreenChem $450,000 during the year ended December 31, 2022 and a total of $1,096,370 during the year ended December 31, 2023, completing the contract.

On September 4, 2024, the Company
entered into a loan agreement with our Chief Executive Officer, Dr. Anatoly Dritschilo, pursuant to which Dr. Dritschilo loaned the Company of $250,000 (principal), bearing
interest at the rate of 12% per annum and which is repayable in 12 substantially equal monthly installments over a one year period.

On October 14, 2024,we entered into a securities purchase agreement with our Chief Executive Officer (the “Securities
Purchase Agreement”). Pursuant to the Securities Purchase Agreement, we issued a $250,000 5% original issue discount senior secured convertible note and warrantsto purchase up to a total of 100,382 shares
of common stock at an exercise price per share equal to $1.40 per share to Dr. Dritschilo. The convertible note matures one year
from the date of issuance (the “Term”), accrues interest at the rate of 14.5% per annum, and is convertible at a 110%
premium at any time beginning three months after the date of issuance. The Company has the option to prepay the convertible notes at
any time, upon 10 days written notice, for 107% of total outstanding balance (the “Optional Prepayment Right”). Any
outstanding principal will be paid in conversion of shares of common stock at the end of the Term, subject to the Company’s
exercise of the Optional Prepayment Right; any accrued interest will be repaid quarterly in cash. The conversion price of the
convertible notes will be the lower of a 15% discount to (i) $1.12072 per share or (ii) the price of any offering entered into by
the Company during the Term of the convertible notes, including the Company’s planned follow-on offering. The warrants are
immediately exercisable after issuance and will remain exercisable for a period of five years from the date of issuance. The