Shuttle Pharmaceuticals Faces Nasdaq Listing Compliance Issue
Shuttle Pharmaceuticals Holdings, Inc. (Nasdaq: SHPH) has received an official notice from the Nasdaq Stock Market concerning a compliance issue related to Listing Rule 5250(c)(1). This situation arose because the Company did not file its Quarterly Report on Form 10-Q for the quarter ending June 30, 2024, on time.
Understanding the Compliance Issue
The compliance issue is linked to a re-audit of the Company’s financial statements for the year ending December 31, 2022. This re-audit was initiated following sanctions placed on B.F. Borgers CPA, PC, the Company’s former auditor, by the SEC. Consequently, Forvis Mazars, LLP, the current auditor, began the re-audit process for the 2022 financial statements.
In response to these compliance challenges, Shuttle Pharmaceuticals is working on an amended Annual Report on Form 10-K/A for the year ending December 31, 2023, as well as an amended Quarterly Report on Form 10-Q for the period ending March 31, 2024. Both reports will include restated financial information reflecting the adjustments made during the financial review.
Plans for Achieving Compliance
Shuttle Pharmaceuticals is hopeful about regaining compliance with Nasdaq Listing Rule 5250(c)(1). The Company is preparing to file these critical reports shortly, which will enable them to submit the Q2 Quarterly Report afterward. This is an important step, as it will help them automatically regain compliance with Nasdaq's listing requirements.
If additional time is needed to file the Q2 Quarterly Report, Nasdaq regulations allow the Company to propose a compliance plan. This plan must be submitted within 60 days of receiving the compliance notice, giving a total of 180 days to resolve the non-compliance issues.
Effects on Shuttle Pharmaceuticals' Stock
It's important to understand that the notice from Nasdaq does not immediately impact the listing status of Shuttle Pharmaceuticals’ common stock on the Nasdaq Capital Market. The Company continues its operations while actively working to address these compliance issues.
About Shuttle Pharmaceuticals
Founded in 2012 by distinguished faculty from Georgetown University Medical Center, Shuttle Pharmaceuticals is committed to enhancing outcomes for cancer patients undergoing radiation therapy (RT). The Company aims to improve the effectiveness of RT by developing innovative therapies that minimize the adverse effects of radiation during cancer treatments.
Shuttle Pharmaceuticals strives to improve the lives of cancer patients by creating radiation sensitizers that can be effectively combined with existing treatment options, including surgery, chemotherapy, and immunotherapy. This comprehensive approach seeks to boost cancer cure rates, extend patient survival, and enhance overall quality of life.
Contact Information
For further inquiries, interested parties can reach out to:
Anatoly Dritschilo, M.D., CEO
Phone: 240-403-4212
Email: info@shuttlepharma.com
For investor relations, please contact Lytham Partners, LLC at:
Robert Blum
Phone: 602-889-9700
Email: shph@lythampartners.com
Frequently Asked Questions
What caused Shuttle Pharmaceuticals' non-compliance?
The non-compliance occurred because the Company failed to file its Quarterly Report on Form 10-Q for the period ending June 30, 2024, in a timely manner.
How is Shuttle Pharmaceuticals working to resolve the compliance issue?
The Company is currently re-auditing its financial statements and preparing amended reports to meet Nasdaq requirements.
What options does Shuttle Pharmaceuticals have if they need more time?
If more time is necessary for filing, the Company can submit a proposed compliance plan within 60 days of receiving the notice.
Will the Nasdaq notice affect Shuttle Pharmaceuticals' stock?
No, the notice from Nasdaq does not have an immediate impact on the listing status of Shuttle Pharmaceuticals' stock.
What is the primary focus of Shuttle Pharmaceuticals?
The Company is dedicated to developing therapies aimed at improving outcomes for cancer patients receiving radiation therapy.
