Shuttle Pharma Receives Notice of Non-Compliance with Nasdaq’s Listing Rule 5250(c)(1)

GAITHERSBURG, Md., Aug. 26, 2024 (GLOBE NEWSWIRE) — Shuttle Pharmaceuticals Holdings, Inc. (Nasdaq: SHPH) (“Shuttle Pharma” or the “Company”), a discovery and development stage pharmaceutical company focused on improving outcomes for cancer patients treated with radiation therapy (RT), today reported that it has received a formal notice (the “Notice”) from the Nasdaq Stock Market LLC (“Nasdaq”) that it is not in compliance with Nasdaq Listing Rule 5250(c)(1) (the “Listing Rule”) as a result of the Company’s failure to timely file its Quarterly Report on Form 10-Q for the period ended June 30, 2024 (the “Q2 Quarterly Report”).

The Company’s non-compliance with the Listing Rule arose from the Company’s reaudit of its financial statements for the year ended December 31, 2022, which, as previously disclosed, arose following the SEC’s imposition of sanctions on BF Borgers CPA, PC, the Company’s auditor for fiscal year 2022. Following the SEC’s sanctions, the Company’s current auditor, Forvis Mazars, LLP (“Forvis”), has begun the process of reauditing the Company’s 2022 financial statements and the Company is now preparing an amended Annual Report on Form 10-K/A for the year ended December 31, 2023 and an amended Quarterly Report on Form 10-Q for the period ended March 31, 2024, each of which will contain revised financial information resulting from the revision of the Company’s 2022 financial statements. The Company expects these reports to be filed in the coming days. Thereafter, the company will be able to file the quarterly report for the second quarter and automatically comply with the listing rule again.