Shuttle Pharmaceuticals issues $4.3M convertible note and warrant, receives $4M gross proceeds

Shuttle Pharmaceuticals Holdings, Inc.

Issued $4.3M senior secured convertible note to Alto Opportunity Master Fund; gross proceeds $4.0M.
Warrant to purchase 1,018,079 shares at $2.35/share, exercisable for 4 years, potential additional $2.4M.
Note amortizes over 26 months, 5% interest; conversion price tied to discounted VWAP formulas.
Full security interest on all assets and IP; springing deposit account control if default.
Boustead Securities placement agent received $320,000 cash and a warrant for 71,266 shares.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Shuttle Pharmaceuticals Holdings, Inc. entered into SPA with Alto Opportunity Master Fund, SPC – Segregated Master Portfolio B valued at $4.3 million convertible note (effective 2023-01-11).

Action: entry
Agreement: equity purchase
Counterparty: Alto Opportunity Master Fund, SPC – Segregated Master Portfolio B
Value: $4.3 million convertible note
Effective: 2023-01-11

Exact text from the filing

On January 11, 2023, Shuttle Pharmaceuticals Holdings, Inc., a Delaware corporation (the “Company”), entered into a securities purchase agreement (the “SPA”) with Alto Opportunity Master Fund, SPC – Segregated Master Portfolio B, a Cayman entity (the “Investor”), pursuant to which the Company sold to the Investor a $4.3 million convertible note (the “Convertible Note”) and warrant (the “Warrant”) to purchase 1,018,079 shares of common stock, par value $0.00001 per share (“Common Stock”), in exchange for gross proceeds of $4.0 million (the “Investment Amount”).

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Shuttle Pharmaceuticals Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-001308

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