Company: SHPH
Filing Date: 2025-03-05
Form Type: S-1/A
Source: 0001493152-25-009106
Chunk: 21

Company: Shuttle Pharmaceuticals Holdings, Inc.
Filing Date: 2025-03-05
Form: S-1/A
Chunk 21
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). The Underwriter served as financial advisor to the Company with regard to the Financing. As financial advisor, the Underwriter received a fee of $20,000 following the signing of the Revolving Loan Agreement. As financial advisor, the Underwriter will be entitled to receive a fee of four percent (4%) with regard to each draw down of the Revolving Note. Out of the Maximum Outstanding Amount, the Lender has not disbursed any loan amounts to date.

The Revolving Loan Agreement contains customary events of default. If an event of default occurs, the Lender may accelerate the indebtedness under the Revolving Loan Agreement, and an amount equal to 120% of the outstanding principal amount and accrued and unpaid interest plus other amounts, costs, expenses and/or liquidated damages due under or in respect of the Loan Documents for the Financing, if any. As a condition for the Lender entering into the Revolving Loan Agreement, on February 28, 2025 (i) each of Milton Brown, Bette Jacobs, Chris Senanayake and Joshua Schafer resigned as directors of the Company, and (ii) the Company’s remaining members of the Board of Directors appointed the following three people designated by the Lender as members of the Board of Directors: George Scorsis, Joseph Tung and Oleh Nabyt. The resigning directors held 840,205 unvested restricted stock units (“RSUs”) granted under the Company’s 2018 Equity Incentive Plan that became fully vested in conjunction with their respective resignations on February 28, 2025. The acceleration of these RSUs resulted in a compensation expense charge of $511,517.

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Summary Risk Factors

Our business is subject to a number of risks you should be aware of before making an investment decision. These risks are discussed more fully in the “Risk Factors” section of this prospectus at page 13 immediately following this prospectus summary, and in Part I, Item 1A “Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which is incorporated by reference into this prospectus. These risks include the following:

| ● | Our                                                                                                                                       
 ability to continue as a going concern in the near term is dependent upon us successfully raising additional equity or debt financing     
 to fund our operations.                                                                                                                   |
| ● | Our                                                                                                                                       
 success is primarily dependent on achieving the development, regulatory approval and commercialization of our product candidates,