Company: SHPH
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001641172-25-009325
Chunk: 2

Company: Shuttle Pharmaceuticals Holdings, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 2
Chunk 2
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, the closing bid price of our common stock must meet or exceed $1.00 per share for a minimum of 10 consecutive
business days.

24

Because we have already completed a 1-for-8 reverse
stock split in August 2024, under new Nasdaq rules, we will not be allowed an additional 180 day compliance period. As such, if we do
not regain compliance with the Minimum Bid Price Requirement by June 30, 2025, we will be subject to delisting. As such, we are seeking
stockholder approval to complete an additional reverse stock split at our upcoming Annual Meeting of Stockholders, scheduled to be held
on May 9, 2025, in the event our stock does not begin trading above $1.00 per share in the interim.

If we cannot regain compliance during the Compliance
Period, by reverse split or otherwise, Nasdaq will provide a notice that our common stock will be subject to delisting. At that time,
we may appeal Nasdaq’s delisting determination to a Nasdaq Hearings Panel.

Nasdaq’s notice of noncompliance has no immediate
effect on the listing of our common stock and our common stock will continue to be listed on The Nasdaq Capital Market under the symbol
“SHPH.” There can be no assurance that we will regain compliance with the Minimum Bid Price Requirement or maintain compliance
with any of the other Nasdaq continued listing requirements. We will continue to monitor the closing bid price of its common stock and
may, if appropriate, consider available options to regain compliance with the Minimum Bid Price Requirement.

On September 10, 2024, we received a letter from Nasdaq,
notifying us that we were no longer in compliance with the minimum stockholders’ equity requirement for continued listing on the
Nasdaq Capital Market. Nasdaq Listing Rule 5550(b)(1) requires listed companies to maintain stockholders’ equity of at least $2.5
million. In our Quarterly Report on Form 10-Q for the period ended June 30, 2024, we reported stockholders’ equity of $0.8 million,
which was below the minimum stockholders’ equity required for continued listing pursuant to Nasdaq Listing Rule 5550(b)(1). Nasdaq
provided us with 45 calendar days, or until October 25, 2024, to submit a plan to regain compliance with the minimum stockholders’
equity standard. On October 15, 202