Company: SHPH
Filing Date: 2025-04-21
Form Type: DEFR14A
Source: 0001641172-25-005474
Chunk: 30

Company: Shuttle Pharmaceuticals Holdings, Inc.
Filing Date: 2025-04-21
Form: DEFR14A
Chunk 30
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 notifying of our noncompliance with Nasdaq Listing Rule 5550(a)(2) by failing to maintain a minimum bid price for our common stock on the Nasdaq of at least $1.00 per share for 30 consecutive business days (the “Minimum Bid Price Requirement”). Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), we were given an initial period of 180 calendar days, or until June 30, 2025 (the “the Grace Period”), to regain compliance with the Minimum Bid Price Requirement. Because the Company had also fallen out of compliance with the Minimum Bid Price Requirement in August 2023 and had been unable to organically regain compliance during the two 180-day grace periods, the Company completed a 1-for-8 reverse stock split on August 13, 2024 in order to maintain its Nasdaq listing. Due to a recent change in the Nasdaq Listing Rules, the Company is now only allowed a single 180 day period to regain compliance with the Minimum Bid Price Requirement. As a result, should our stock fail to trade above $1.00 for at least 10 consecutive trading days prior to June 1, 2025, we will have no choice but to effectuate a Reverse Stock Split in order to regain compliance with the Minimum Bid Price Requirement prior to June 30, 2025 and maintain our listing on the Nasdaq Capital Markets.

In addition, due to current market turbulence
and uncertainty, the Company is seeking stockholder approval for a large enough share range of the Reverse Stock Split so that, should
the Company have the need to effectuate an additional reverse stock split in the future to ensure it maintains Nasdaq listing requirements,
the Board of Directors will have a range of reverse stock split pre-approved by the Company’s stockholders available for use.

The Board of Directors believes that the failure of stockholders to approve the Reverse Stock Split could prevent us from maintaining compliance with Nasdaq’s Minimum Bid Price Requirement and could inhibit our ability to conduct capital raising activities, among other things. If Nasdaq delists the Company’s common stock, then the common stock would likely become traded on an over-the-counter market such as those maintained by OTC Markets Group Inc., which do not have the substantial corporate governance or quantitative listing requirements for continued trading that Nasdaq has. In that event, interest in our common stock may decline and certain institutions may not have the ability to trade in the common stock, all of which could have a material adverse effect on the