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GAITHERSBURG, Md. - Shuttle Pharmaceuticals Holdings, Inc. (Nasdaq: SHPH), currently trading at $0.22 with a market capitalization of $2.45 million, announced Thursday that its Board of Directors has approved a proposed 25-for-1 reverse stock split of its common stock, pending Nasdaq approval. While the stock has gained nearly 28% in the past week according to InvestingPro data, it remains down about 74% year-to-date.
The reverse split would reduce the company’s outstanding shares from approximately 26.2 million to about 1.05 million. The company stated the action is part of its strategic plan to maintain compliance with Nasdaq’s continued listing requirements. InvestingPro analysis shows the company maintains strong liquidity with a current ratio of 2.78, though its overall financial health score indicates challenges ahead.
When implemented, every 25 shares of Shuttle’s common stock will automatically be combined into one share. The split will also apply to common stock issuable through outstanding RSU grants and warrants. No fractional shares will be issued, with any fractional entitlements rounded up to the next whole number.
Shuttle Pharmaceuticals, a discovery and development stage specialty pharmaceutical company, focuses on improving outcomes for cancer patients treated with radiation therapy. The company aims to develop radiation sensitizers to enhance the effectiveness of radiation treatment while limiting side effects.
The company has not yet announced the effective date for the reverse split, stating it will issue a subsequent announcement after receiving Nasdaq approval.
This article is based on a press release statement from Shuttle Pharmaceuticals Holdings, Inc.
In other recent news, Shuttle Pharmaceuticals Holdings, Inc. has made significant strides in its clinical and business endeavors. The company announced a $5.75 million stock offering to fund its Phase II clinical trials and other corporate purposes, with WestPark Capital, Inc. acting as the sole book-runner. This development aims to support the advancement of Shuttle Pharma’s lead product candidate, Ropidoxuridine, which is currently in a Phase 2 trial for glioblastoma treatment. The trial has reached nearly 50% enrollment, with the drug showing promising tolerance levels among participants.
Additionally, Shuttle Pharma has filed a provisional patent application for an innovative prostate cancer therapy, further expanding its pipeline. In terms of leadership, the company has appointed George Scorsis as its new Chairman of the Board, bringing extensive experience from highly regulated sectors. Shuttle Pharma also signed a consulting agreement with Bowery Consulting Group Inc. to enhance its business strategies and operational scalability. These recent developments underscore Shuttle Pharma’s ongoing efforts to improve cancer treatment outcomes through innovative therapies and strategic business moves.
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