Company: SHPH
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001493152-25-008300
Chunk: 78

Company: Shuttle Pharmaceuticals Holdings, Inc.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 1
Chunk 78
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    provide
    that directors may only be removed “for cause” and only with the approval of 66 2/3 percent of our stockholders;

48

    ●
    require
    super-majority voting to amend some provisions in our Certificate of Incorporation and Bylaws;

    ●
    authorize
    the issuance of “blank check” preferred stock that our board of directors could use to implement a stockholder rights
    plan (also known as a “poison pill”);

    ●
    eliminate
    the ability of our stockholders to call special meetings of stockholders;

    ●
    prohibit
    stockholder action by written consent, which requires all stockholder actions to be taken at a meeting of our stockholders;

    ●
    provide
    that the board of directors is expressly authorized to make, alter or repeal our bylaws; and

    ●
    establish
    advance notice requirements for nominations for election to our board of directors or for proposing matters that can be acted upon
    by stockholders at annual stockholder meetings.

In
addition, Section 203 of the Delaware General Corporation Law may discourage, delay or prevent a change in control of our company. Section
203 imposes certain restrictions on merger, business combinations and other transactions between us and holders of 15% or more of our
common stock.

The
restatement of our consolidated financial statements and identification of material weaknesses in our internal controls may result in
additional risks and uncertainties, including regulatory, stockholder or other actions, loss of investor and counterparty confidence
and negative impacts on our stock price.

On
July 10, 2024, the Audit Committee and Company management, after consultation and discussion with our independent registered public accounting
firm, concluded that certain of our previously issued audited consolidated financial statements and unaudited consolidated financial
statements need to be restated and should no longer be relied on for the reasons described in the Current Report on Form 8-K dated July
10, 2024, and in “Explanatory Note” preceding Part I, Item 1 of the Form 10-K/A we filed on September 4, 2024 (the “Form
10-K/A”) and Note 2 to the Consolidated Financial Statements under Part II, Item 8 of the Form 10-K/A.

The
accounting errors impacted the Company’s consolidated financial statements for the year ended December 31, 2022. These errors further
resulted in an