Shuttle Pharma releases $2.924M cash collateral from Alto note; ends controlled account restriction

Shuttle Pharmaceuticals Holdings, Inc.

Alto releases remaining $2.924M cash collateral to the company, no longer held in controlled account.
Section 15(q) of the convertible note is deemed inapplicable; company free to use funds for general business.
If Alto exercises option for up to $10M in additional notes, those notes will also omit controlled account provisions.
Company pays $2,750 for holder's expenses; no event of default acknowledged.
Company agrees to file Form 8-K disclosing material terms by next trading day.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Shuttle Pharmaceuticals Holdings, Inc. entered into Amendment with Alto Opportunity Master Fund, SPC – Segregated Master Portfolio B valued at $4.0 million (effective 2023-06-04).

Action: entry
Agreement: equity purchase
Counterparty: Alto Opportunity Master Fund, SPC – Segregated Master Portfolio B
Value: $4.0 million
Effective: 2023-06-04

Exact text from the filing

On June 4, 2023, Shuttle Pharmaceuticals Holdings, Inc., a Delaware corporation (the “Company”), entered into amendment no. 1 (the “Amendment”) to the amendment agreement, dated May 11, 2023 (the “Amendment Agreement”), for purposes of amending the terms of the Securities Purchase Agreement, originally dated January 11, 2023 (the “SPA”), between the Company, Alto Opportunity Master Fund, SPC – Segregated Master Portfolio B (“Alto”), in its capacity as the registered holder of a $4.3 million convertible note (the “Alto Note”) and warrant to purchase 1,018,079 shares of common stock (the “Alto Warrant”) issued by the Company, and the Company’s wholly owned subsidiary, Shuttle Pharmaceuticals, Inc., as guarantor (“Shuttle Pharma”).

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Shuttle Pharmaceuticals Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-020084

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