SHUTTLE PHARMACEUTICALS HOLDINGS, INC. Shuttle Pharmaceuticals Holdings, Inc. announced that it has entered into a security purchase agreement for the private placement of Senior Secured Convertible Note along with warrants for gross proceeds of $4,300,000 on January 11, 2023. The transaction included participation from Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B, a fund managed by Ayrton Capital LLC. The warrants are exercisable into 1,018,079 common shares at an exercise price of $2.350 per share.
The convertible note is repayable over 26 months and bears interest at the rate of 5% per annum. the convertible note is convertible into shares of common stock at price per share equal to the lower of $2.35, 90% of the three lowest daily VWAPs of the 15 trading days prior to the payment date or 90% of the VWAP of the trading day prior to payment date.
