Why Shuttle Pharmaceuticals (SHPH) Stock Surged Overnight?

Shuttle Pharmaceuticals Holdings Inc. (NASDAQ:SHPH) rose 27.87% in after-hours trading on Thursday, reaching $2.34.

Check out the current price of SHPH stock here.

The stock of the biotech closed Thursday's regular session down 7.58% at $1.83, according to Benzinga Pro data.

S-1 Registration Statement Filed

Shuttle Pharmaceuticals filed a Form S-1 registration statement with the Securities and Exchange Commission on Tuesday.

The filing covers the resale of 625,156 common shares that would be issued upon exercising a pre-funded warrant with a $0.001 exercise price.

See Also: Why Did Stock Of This Beverages Company Jump 40% After Hours?

$2.5 Million Private Placement Completed

According to the filing, the company entered into a securities purchase agreement with an accredited investor on Nov. 3 for a private placement that closed on Nov. 4.

The transaction generated approximately $2.5 million in gross proceeds.

WestPark Capital Inc. served as placement agent and received a cash fee of 4% of gross proceeds.

The Maryland-based business had 1,603,285 outstanding shares as of Monday.

The company will not receive proceeds from the selling stockholder’s share sales, according to the filing.

Stock Performance

The stock of the clinical-stage pharmaceutical company is down 91.4% year to date, with an annual trading range of $1.82 to $25.25 and a market capitalization of $2.93 million.

Benzinga Edge Stock Rankings indicate that SHPH stock has a negative price trend across all time frames. Compare the performance of competitors in this space.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.