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Shuttle Pharmaceuticals Holdings, Inc. (NASDAQ:SHPH) ("Shuttle Pharma" or the "Company"), a discovery and development stage specialty pharmaceutical company focused on improving outcomes for cancer patients treated with radiation therapy (RT), announces that its Board of Directors have approved a proposed reverse stock split of its common stock at a ratio of 25-for-1. The proposed action remains subject to approval by Nasdaq and, if approved, the Company will issue a subsequent announcement disclosing the effective date.
At the effective time of the reverse stock split, every 25 shares of the Company's issued and outstanding common stock will be automatically reclassified and combined into 1 share of common stock. This will reduce the number of issued and outstanding shares of common stock from 26,210,037 shares to approximately 1,048,401 shares, without giving effect to rounding. The split will also apply to Company common stock issuable upon the exercise of the Company's outstanding RSU grants and warrants. No fractional shares will be issued; instead, any fractional entitlements will be rounded up to the next highest whole number at the participant level.
The reverse stock split is part of Shuttle's strategic plan to maintain compliance with Nasdaq's continued listing requirements, while also strengthening the Company's long-term capital structure.
Posted In: SHPH
