Company: SHPH
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001493152-25-008300
Chunk: 491

Company: Shuttle Pharmaceuticals Holdings, Inc.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 1C
Chunk 491
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shares of common stock or a combination thereof. For equity repayment, the Convertible Note is convertible into shares of common stock
at price per share equal to the lower of (i) $18.80 (ii) 90% of the three lowest daily volume-weighted average price (“VWAP”)
of the 15 trading days prior to the payment date or (iii) 90% of the VWAP of the trading day prior to payment date. The Convertible Note
is repayable over 26 months and bears interest at the rate of 5% per annum. The Warrant is exercisable for four years from the date of
closing and is exercisable at $0.48 per share, as adjusted. In the event the Investor exercises the Warrant in full, such exercise would
result in additional gross proceeds to the Company of approximately $0.1 million.

On
May 10, 2023, the Company entered into an amendment agreement to the SPA (the “Amendment Agreement”). Under the Amendment
Agreement, the Company and the Investor amended the transaction documents as follows: (i) amended and restated Section 2 of the Warrant
so as to remove a provision that would have potentially required an adjustment to the number of warrant shares exercisable under the
Warrant, (ii) stipulated that the Company would obtain majority shareholder approval to issue up to an additional $10 million Subsequent
Notes and Subsequent Warrants equal to 42.5% 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