Company: SHPH
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001493152-25-008300
Chunk: 257

Company: Shuttle Pharmaceuticals Holdings, Inc.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 1A
Chunk 257
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,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 the Schedule 14C. The Company obtained majority stockholder consent to
the potential sale of the Subsequent Notes and Subsequent Warrants to the Investor in advance of entry into the Amendment Agreement.

On
June 4, 2023, we entered into an amendment to the Amendment Agreement dated May 11, 2023 (the “Amendment to the Amendment Agreement”),
for purposes of amending the terms of the SPA. Under the Amendment to the Amendment Agreement, the Company and the Investor agreed as
follows: (i) that Section 15(q) to the Convertible Note, which required the Company to hold the Cash Collateral in a Controlled Account
Agreement (as defined in the Convertible Note), would no longer be applicable, (ii) that the Investor would stipulate the release to
the Company of the remaining Cash Collateral totaling $2,924,000 (thus releasing the full amount of the Cash Collateral to the Company),
and (iii) that, should the Investor exercise its option to purchase the Subsequent Notes and Subsequent Warrants, that such Subsequent
Notes would omit Section 15(q) and that the Company would not be required to maintain any controlled accounts or otherwise be subject
to any controlled account agreements.

On
October 14, 2024, the Company commenced the first closing of $600,000 in investments of an up to $1.3 million offering of 5% original
issue discount senior secured convertible notes and warrants (the “First Closing”). On October 21, 2024, the Company closed
on an additional $231,579 in notes and warrants purchased in the offering (the “Second Closing”), receiving an additional
$220,000 in proceeds and bringing the offering to a close after receiving a total of $790,000 in gross proceeds, including $237,500 invested
by the Company’s Chief Executive Officer, Dr. Anatoly Dritschilo, in the First Closing. In the Second Closing, two accredited investors
purchased a total of $231,579 in notes and 88,544 warrants, exercisable at $1.49 per share, or 125% of the closing price of the Company’s
common stock on the day prior to closing.

Issuer