Business Context and Reporting Period
This Form 8-K filing by Shuttle Pharmaceuticals Holdings, Inc. (SHPH) is dated August 31, 2023. The Company is a Delaware corporation listed on The Nasdaq Capital Market. The report addresses a regulatory notice received from Nasdaq regarding the Company's compliance with continued listing standards.
Key Financial Metrics
This filing does not contain financial statements, revenue, profit, cash flow, margin, debt, or liquidity data. The document focuses exclusively on a listing compliance issue.
Material Changes
The material event reported is the failure of the Company's common stock to maintain a minimum closing bid price of $1.00 per share for 30 consecutive business days between July 20, 2023, and August 30, 2023. This constitutes a violation of Nasdaq Listing Rule 5550(a)(2).
Outlook, Risks, and Contingencies
- Compliance Period: The Company has an initial 180-day period, ending February 27, 2024, to regain compliance.
- Compliance Requirement: To regain compliance, the closing bid price must meet or exceed $1.00 per share for a minimum of ten consecutive trading days.
- Secondary Compliance Option: If the initial period is unsuccessful, the Company may be eligible for an additional 180-day period. This requires meeting market value of publicly held shares and other initial listing standards, potentially necessitating a reverse stock split.
- Delisting Risk: Failure to regain compliance during any granted period will result in a notice of delisting. The Company may appeal this determination to a Nasdaq Hearings Panel.
- Current Status: The notice has no immediate effect on the listing; the stock continues to trade under the symbol "SHPH."
Investor Verification Checklist
- Monitor the daily closing bid price of SHPH to determine if it reaches $1.00 for ten consecutive trading days before February 27, 2024.
- Review future filings for announcements regarding a potential reverse stock split if the initial compliance period is not met.
- Verify the Company's market value of publicly held shares if a second compliance period is pursued.
- Check for any formal appeal filings if a delisting notice is issued after the compliance periods expire.