Company: SHPH
Filing Date: 2025-03-05
Form Type: S-1/A
Source: 0001493152-25-009106
Chunk: 54

Company: Shuttle Pharmaceuticals Holdings, Inc.
Filing Date: 2025-03-05
Form: S-1/A
Chunk 54
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31, 2024 would have been $6,179,152 million, or $0.37 per share. This represents an immediate increase in as adjusted net tangible book value per share of $5,470,000 to existing stockholders and immediate dilution of $0.13 in pro forma as adjusted net tangible book value per share to new investors purchasing common stock in this offering. Dilution per share to new investors is determined by subtracting as adjusted net tangible book value per share after this offering from the assumed public offering price per share paid by new investors.

The following table illustrates this dilution on a per share basis:

| Assumed public offering price per share                                                     |     | $ | 0.60 |
| Historical net tangible book value per share as of December 31, 2024                        |     | $ | 0.12 |
| Increase in as adjusted net tangible book value per share attributable to this offering     |     | $ | 0.25 |
| As adjusted net tangible book value per share after giving effect to this offering          |     | $ | 0.37 |
| Dilution in as adjusted net tangible book value per share to new investors in this offering |     | $ | 0.23 |

The information above is as of December 31, 2024 and excludes:

| ● | Up                                                                                                                            
 to 732,134 shares of our common stock issuable from time to time upon the conversion of outstanding Convertible Bridge Notes; |
| ● | 3,464,281                                                                                                                     
 shares of our common stock issuable upon the                                                                                  
 exercise of outstanding warrants, with a weighted-average exercise price of $1.89 per share; and                              |
| ● | 1,231,910                                                                                                                     
 other shares of our common stock reserved for future issuance from time to time under our 2018 Equity Incentive Plan.         |

| 34 |

<div align='center'>DIVIDEND POLICY</div>

We have not paid any dividends on our common stock since inception and we currently expect that, in the foreseeable future, all earnings, if any, will be retained for the development of our business and no dividends will be declared or paid. Any future dividends will be subject to the discretion of our board of directors and will depend upon, among other things, our earnings, if any, operating results, financial condition and capital requirements, general business conditions and other pertinent facts.

<div align='center'>DESCRIPTION OF CAPITAL STOCK</div>

Capital