Shuttle Pharmaceuticals Faces Nasdaq Listing Non-Compliance
Shuttle Pharmaceuticals Faces Nasdaq Listing Non-Compliance
Shuttle Pharmaceuticals Holdings, Inc. (Nasdaq: SHPH) has received a formal notice from the Nasdaq Stock Market regarding a compliance issue with its Listing Rule 5250(c)(1). This situation has emerged due to the Company’s failure to file its Quarterly Report on Form 10-Q for the quarter ending June 30, 2024, in a timely manner.
Background of the Compliance Issue
The non-compliance stems from a re-audit of the Company’s financial statements for the year ended December 31, 2022. This re-audit was prompted by sanctions imposed on B.F. Borgers CPA, PC, the Company’s previous auditor, by the SEC. In light of these sanctions, Forvis Mazars, LLP, the Company’s current auditor, initiated the process of re-auditing the 2022 financial statements.
To address these compliance issues, Shuttle Pharmaceuticals is in the process of preparing an amended Annual Report on Form 10-K/A for the year ended December 31, 2023, along with an amended Quarterly Report on Form 10-Q for the period ended March 31, 2024. Both of these documents will reflect restated financial information due to the adjustments made during the financial review.
Anticipated Steps for Compliance
Shuttle Pharmaceuticals is optimistic about its ability to regain compliance with Nasdaq Listing Rule 5250(c)(1). The Company is preparing to file these essential reports in the coming days, which will allow them to subsequently submit the Q2 Quarterly Report. This step is critical as it will facilitate an automatic regaining of compliance with the Nasdaq listing requirements.
In circumstances where additional time may be needed to file the Q2 Quarterly Report, Nasdaq regulations permit the Company to submit a proposed compliance plan. This plan must be submitted within 60 days of receiving the compliance notice, allowing a total of 180 days to rectify the non-compliance issues.
Impact on Shuttle Pharmaceuticals' Stock
It’s essential to note that the notice from Nasdaq does not have an immediate effect on the listing status of Shuttle Pharmaceuticals’ common stock on the Nasdaq Capital Market. The Company continues operations while working diligently to resolve these compliance challenges.
About Shuttle Pharmaceuticals
Founded in 2012 by esteemed faculty members from Georgetown University Medical Center, Shuttle Pharmaceuticals is dedicated to improving outcomes for cancer patients undergoing radiation therapy (RT). The Company focuses on maximizing the effectiveness of RT by developing innovative therapies aimed at limiting the adverse effects of radiation in cancer treatments.
Shuttle Pharmaceuticals aspires to enhance the lives of cancer patients by creating radiation sensitizers that can be combined effectively with existing treatment modalities such as surgery, chemotherapy, and immunotherapy. This integrated approach aims to improve cancer cure rates, extend patient survival, and enhance overall quality of life.
Contact Information
For further inquiries, interested parties can contact:
Anatoly Dritschilo, M.D., CEO
Phone: 240-403-4212
Email: info@shuttlepharma.com
For investor relations, please reach out to Lytham Partners, LLC at:
Robert Blum
Phone: 602-889-9700
Email: shph@lythampartners.com
Frequently Asked Questions
What is the reason for Shuttle Pharmaceuticals' non-compliance?
The non-compliance was due to the Company's failure to timely file its Quarterly Report on Form 10-Q for the period ended June 30, 2024.
How is Shuttle Pharmaceuticals addressing the compliance issue?
The Company is in the process of re-auditing its financial statements and preparing amended reports to regain compliance with Nasdaq requirements.
What steps can Shuttle Pharmaceuticals take if more time is needed?
If additional time is required for filing, the Company can submit a proposed plan of compliance within 60 days after receiving the notice.
Is the stock of Shuttle Pharmaceuticals currently affected by this notice?
No, the Nasdaq notice has no immediate effect on the listing status of Shuttle Pharmaceuticals' stock.
What is the main focus of Shuttle Pharmaceuticals?
The Company focuses on developing therapies designed to improve outcomes for cancer patients treated with radiation therapy.
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