Shuttle Pharma to raise up to $4.5M via rights offering with SRO LLC backstop of $2.25M

Shuttle Pharmaceuticals Holdings, Inc.

Rights offering of up to $4.5M units: 1 share SHPH + 1 warrant ($2.35 strike) + equity stake in Shuttle Diagnostics.
SRO LLC (affiliate of Boustead Securities CEO) commits $2.25M anchor purchase and backstop for unsold units up to additional $2.25M.
Unit price at 90% of 5-day VWAP; proceeds to fund diagnostics lab for clinical trials toward FDA device approval.
Boustead Securities receives $112,500 commitment fee, 8% commission on proceeds, plus $40,000 expenses.
Rights offering contingent on SEC registration statement filing (Form S-1) and effectiveness; timing uncertain.

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 Purchase Agreement with SRO, LLC valued at $2,250,000 (effective 2024-02-07).

Action: entry
Agreement: equity purchase
Counterparty: SRO, LLC
Value: $2,250,000
Effective: 2024-02-07

Exact text from the filing

Effective February 7, 2024, Shuttle Pharmaceuticals Holdings, Inc., a Delaware corporation (“SHPH” or the “Company”), and its wholly-owned subsidiary, Shuttle Diagnostics, Inc., a Maryland corporation (“Diagnostics”), entered into a securities purchase agreement (the “Purchase Agreement”) with SRO, LLC, a Nevada limited liability company (“SRO LLC”), pursuant to which SRO LLC agreed to commit to purchasing from the Company $2,250,000 of units (the “Units”) from the Company

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Shuttle Pharmaceuticals Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-24-005970

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