Shuttle Pharma Receives Notice of Nasdaq Non-Compliance with Listing Rule 5250(c)(1)
Shuttle Pharmaceuticals Holdings (Nasdaq: SHPH) has received a notice of non-compliance from Nasdaq due to its failure to timely file its Q2 2024 Quarterly Report. This non-compliance stems from an ongoing re-audit of the company's 2022 financial statements, necessitated by SEC sanctions against its former auditor. Shuttle Pharma is preparing amended reports for 2023 and Q1 2024, which will include restated 2022 financials.
The company expects to file these reports soon, followed by the Q2 2024 report, to regain compliance automatically. If more time is needed, Shuttle Pharma has 60 days to submit a compliance plan to Nasdaq and could receive up to 180 days to regain compliance. The notice does not immediately affect the company's Nasdaq Capital Market listing.
Shuttle Pharmaceuticals Holdings (Nasdaq: SHPH) ha ricevuto una notifica di non conformità da parte di Nasdaq a causa della sua mancata presentazione tempestiva del Rapporto Trimestrale del Q2 2024. Questa non conformità deriva da un riesame in corso dei bilanci finanziari dell'azienda per il 2022, resosi necessario a causa delle sanzioni della SEC contro il suo precedente revisore. Shuttle Pharma sta preparando report modificati per il 2023 e il Q1 2024, che includeranno i bilanci finanziari rettificati del 2022.
L'azienda prevede di presentare questi report a breve, seguiti dal rapporto del Q2 2024, per ripristinare automaticamente la conformità. Se sarà necessario più tempo, Shuttle Pharma ha 60 giorni per presentare un piano di conformità a Nasdaq e potrebbe ricevere fino a 180 giorni per ripristinare la conformità. La notifica non influisce immediatamente sulla quotazione dell'azienda nel Nasdaq Capital Market.
Shuttle Pharmaceuticals Holdings (Nasdaq: SHPH) ha recibido un aviso de incumplimiento por parte de Nasdaq debido a su falta de presentación oportuna de su Informe Trimestral del Q2 2024. Este incumplimiento se debe a una re-auditoría en curso de los estados financieros de la empresa para 2022, necesaria debido a las sanciones de la SEC contra su auditor anterior. Shuttle Pharma está preparando informes enmendados para 2023 y el Q1 2024, que incluirán los estados financieros rectificados de 2022.
La empresa espera presentar estos informes pronto, seguidos por el informe del Q2 2024, para recuperar automáticamente la conformidad. Si se necesita más tiempo, Shuttle Pharma tiene 60 días para presentar un plan de cumplimiento a Nasdaq y podría recibir hasta 180 días para recuperar la conformidad. El aviso no afecta de inmediato la cotización de la empresa en el Nasdaq Capital Market.
셔틀 제약 홀딩스 (Nasdaq: SHPH)는 Nasdaq으로부터 2024년 2분기 분기 보고서를 제때 제출하지 않아 비준수 통지를 받았습니다. 이 비준수는 SEC의 제재로 인해 회사의 2022년 재무제표에 대한 재감사가 진행 중이기 때문입니다. 셔틀 제약은 2023년 및 2024년 1분기에 대한 수정된 보고서를 준비하고 있으며, 여기에는 2022년 재무 내용이 수정된 보고서가 포함될 것입니다.
회사는 이 보고서를 곧 제출할 예정이며, 이후 2024년 2분기 보고서를 제출하여 자동으로 준수를 회복할 계획입니다. 추가 시간이 필요할 경우, 셔틀 제약은 Nasdaq에 준수 계획을 제출하기 위해 60일을 가지며 최대 180일까지 준수를 회복할 수 있습니다. 이 통지는 회사의 Nasdaq 자본 시장 상장에 즉각적인 영향을 미치지 않습니다.
Shuttle Pharmaceuticals Holdings (Nasdaq: SHPH) a reçu un avis de non-conformité de Nasdaq en raison de son incapacité à déposer en temps voulu son rapport trimestriel du Q2 2024. Cette non-conformité découle d'une ré-audit en cours des états financiers de l'entreprise pour 2022, nécessité par des sanctions de la SEC contre son ancien auditeur. Shuttle Pharma prépare des rapports amendés pour 2023 et le Q1 2024, qui incluront les états financiers révisés de 2022.
La société s'attend à déposer ces rapports prochainement, suivis par le rapport du Q2 2024, afin de rétablir automatiquement la conformité. Si plus de temps est nécessaire, Shuttle Pharma dispose de 60 jours pour soumettre un plan de conformité à Nasdaq et pourrait recevoir jusqu'à 180 jours pour retrouver la conformité. L'avis n'affecte pas immédiatement le classement de l'entreprise sur le Nasdaq Capital Market.
Shuttle Pharmaceuticals Holdings (Nasdaq: SHPH) hat von Nasdaq eine Mitteilung über die Nichteinhaltung erhalten, da das Unternehmen seinen Quartalsbericht Q2 2024 nicht fristgerecht eingereicht hat. Diese Nichteinhaltung ergibt sich aus einer laufenden Neuprüfung der Finanzberichte des Unternehmens für 2022, die aufgrund von SEC-Sanktionen gegen den ehemaligen Prüfer erforderlich wurde. Shuttle Pharma bereitet geänderte Berichte für 2023 und Q1 2024 vor, die die berichteten Finanzergebnisse für 2022 enthalten werden.
Das Unternehmen erwartet, diese Berichte bald einzureichen, gefolgt von dem Bericht für Q2 2024, um automatisch die Compliance wiederherzustellen. Sollte mehr Zeit benötigt werden, hat Shuttle Pharma 60 Tage Zeit, um einen Compliance-Plan bei Nasdaq vorzulegen und könnte bis zu 180 Tage erhalten, um die Compliance wiederherzustellen. Die Mitteilung hat keine sofortige Auswirkung auf die Nasdaq Capital Market-Liste des Unternehmens.
- No immediate effect on Nasdaq Capital Market listing
- Company expects to file amended reports and Q2 2024 report soon to regain compliance
- Received Nasdaq non-compliance notice for late Q2 2024 filing
- Ongoing re-audit of 2022 financial statements due to former auditor's SEC sanctions
- Need to restate 2022 financial information
- Delay in filing Q2 2024 Quarterly Report
Insights
This notice of non-compliance from Nasdaq is a significant red flag for Shuttle Pharmaceuticals. The delay in filing financial reports, particularly due to a re-audit, raises concerns about the accuracy and reliability of the company's financial statements. This situation could lead to:
- Increased scrutiny from investors and regulators
- Potential loss of investor confidence
- Risk of delisting if compliance is not achieved within the given timeframe
While the company expects to file the required reports soon, the need for restatements suggests potential internal control issues. Investors should closely monitor the situation and carefully review the restated financials when available to assess any material changes in the company's financial position or performance.
The non-compliance notice from Nasdaq, while concerning, is not uncommon in situations involving auditor changes or restatements. Key legal considerations include:
- Disclosure obligations: Shuttle Pharma has properly disclosed the notice, which is important for maintaining transparency.
- Compliance timeline: The company has up to 180 days to regain compliance, providing a reasonable window to address the issues.
- Regulatory scrutiny: The SEC's sanctions against the previous auditor may lead to increased regulatory attention on Shuttle Pharma's financials.
The company's proactive approach in engaging a new auditor and initiating the re-audit process demonstrates a commitment to resolving the issue. However, shareholders should remain vigilant for any potential legal actions or regulatory investigations that may arise from the restatement process.
This non-compliance notice could have several market implications for Shuttle Pharmaceuticals:
- Stock volatility: Expect increased volatility as investors react to the uncertainty surrounding the company's financials.
- Investor sentiment: Short-term negative sentiment is likely, potentially leading to selling pressure.
- Valuation impact: The company's valuation may be affected if the restatements reveal significant changes in financial position or performance.
- Competitive position: In the highly competitive pharmaceutical industry, this setback could impact Shuttle Pharma's ability to attract partnerships or funding.
Long-term impact will depend on the nature and extent of the financial restatements, as well as the company's ability to quickly regain compliance and restore investor confidence. Monitor for any changes in institutional ownership or analyst coverage as indicators of market sentiment.
GAITHERSBURG, Md., Aug. 26, 2024 (GLOBE NEWSWIRE) -- Shuttle Pharmaceuticals Holdings, Inc. (Nasdaq: SHPH) (“Shuttle Pharma” or the “Company”), a discovery and development stage specialty pharmaceutical company focused on improving outcomes for cancer patients treated with radiation therapy (RT), today reports that it received 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 resulted from the Company’s re-audit of its financial statements for the year ended December 31, 2022, which, as previously disclosed, arose following the SEC’s imposition of sanctions against B.F. Borgers CPA, PC, the Company’s auditor for the 2022 fiscal year. Following the SEC sanctions, the Company’s current auditor, Forvis Mazars, LLP (“Forvis”), began the process of re-auditing 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 include re-stated financial information resulting from the re-statement of the Company’s 2022 financial statements. The Company anticipates these reports will be filed in the next several days, after which time the Company will be in a position to file the Q2 Quarterly Report to automatically regain compliance with the Listing Rule.
Should the Company require additional time to file the Q2 Quarterly Report, Nasdaq rules require the Company to submit a proposed plan of compliance to Nasdaq within 60 days of receipt of the Notice and could then receive up to 180 days to regain compliance with the Listing Rule.
The Nasdaq Notice has no immediate effect on the listing of the Company’s common stock on the Nasdaq Capital Market.
About Shuttle Pharmaceuticals
Founded in 2012 by faculty members of the Georgetown University Medical Center, Shuttle Pharma is a discovery and development stage specialty pharmaceutical company focused on improving the outcomes for cancer patients treated with radiation therapy (RT). Our mission is to improve the lives of cancer patients by developing therapies that are designed to maximize the effectiveness of RT while limiting the side effects of radiation in cancer treatment. Although RT is a proven modality for treating cancers, by developing radiation sensitizers, we aim to increase cancer cure rates, prolong patient survival and improve quality of life when used as a primary treatment or in combination with surgery, chemotherapy and immunotherapy. For more information, please visit our website at www.shuttlepharma.com.
Safe Harbor Statement
Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements.” These statements include, but are not limited to, statements concerning the development of our company. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including factors discussed in the “Risk Factors” section of Shuttle Pharma’s Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC on March 21, 2024, as well other SEC filings. Any forward-looking statements contained in this press release speak only as of the date hereof and, except as required by federal securities laws, Shuttle Pharmaceuticals specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.
Shuttle Pharmaceuticals
Anatoly Dritschilo, M.D., CEO
240-403-4212
info@shuttlepharma.com
Investor Contacts
Lytham Partners, LLC
Robert Blum
602-889-9700
shph@lythampartners.com
FAQ
Why did Shuttle Pharmaceuticals (SHPH) receive a Nasdaq non-compliance notice?
What caused the delay in Shuttle Pharmaceuticals' (SHPH) financial reporting?
How long does Shuttle Pharmaceuticals (SHPH) have to regain Nasdaq compliance?
Will Shuttle Pharmaceuticals (SHPH) be delisted from Nasdaq due to this non-compliance?
