Company: SHPH
Filing Date: 2025-02-13
Form Type: S-1
Source: 0001493152-25-006202
Chunk: 148

Company: Shuttle Pharmaceuticals Holdings, Inc.
Filing Date: 2025-02-13
Form: S-1
Chunk 148
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 of $[*] per share, which is the last reported trading price of our common stock on the Nasdaq on February [*], 2025, and after deducting estimated underwriting fees and estimated transaction expenses payable by us, our pro forma as adjusted net tangible book value as of September 30, 2024 would have been $[*] million, or $[*] per share. This represents an immediate increase in as adjusted net tangible book value per share of $[*] to existing stockholders and immediate dilution of $[*] 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                                                     
 Historical net tangible book value per share as of September 30, 2024                       |     |   |
|:--------------------------------------------------------------------------------------------|:----|:--|
| Increase in as adjusted net tangible book value per share attributable to this offering     |     | $ |
| As adjusted net tangible book value per share after giving effect to this offering          |     | $ |
| Dilution in as adjusted net tangible book value per share to new investors in this offering |     | $ |

The information above is as of September 30, 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; |
| ● | 3,464,280 shares                                                                                                              
 of our common stock issuable upon the exercise of outstanding warrants, with a weighted-average exercise price of $1.89 per   
 share;                                                                                                                        |
| ● | 1,231,910                                                                                                                     
 other shares of our common stock reserved for future                                                                          
 issuance from time to time under our 2018 Equity Incentive Plan.                                                              |

| 89 |

<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,