Item 1.01Item 1.01 - Entry into Material Agreement
Item
1.01 Entry Into A Material Definitive Agreement.
Merger
Agreement
General
Description of the Merger Agreement
On
April 30, 2026, Shuttle Pharmaceuticals Holdings, Inc., a Delaware corporation (“ Shuttle ” or
“ Acquiror ”), entered into an Agreement and Plan of Merger (the “ Merger Agreement ”) with
Shuttle Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of Shuttle (“ Merger Sub ”) and
United Dogecoin Inc., a Delaware corporation (the “ Company ”). The transactions contemplated by the Merger
Agreement are referred to herein as the “ Transactions ” and the closing of the Transactions is referred to herein
as the “ Closing ”.
Pursuant
to the terms and conditions of the Merger Agreement, immediately prior to the Closing, the Acquiror will file a certificate of
merger (the “ Certificate of Merger ”) with the Secretary of State of the State of Delaware (such time of the
filing of the Certificate of Merger, the “ Effective Time ”), in accordance with the General Corporation Law of the
State of Delaware. Pursuant to the Certificate of Merger, Merger Sub will be merged with and into the Company (the
“ Merger ”), with the Company surviving the Merger as the Surviving Corporation (as defined in the Merger Agreement). As a result of the Merger, the
Company will become a direct wholly owned subsidiary of Acquiror. At the Effective Time, all of the property, rights, privileges,
powers and franchises of the Company and Merger Sub will vest in the Surviving Corporation and all of the debts, liabilities and
duties of the Company and Merger Sub will become the debts, liabilities and duties of the Surviving Corporation. The Closing is
expected to occur on Monday, May 4, 2026 (the “ Closing Date ”).
Transaction
Consideration
At
the Effective Time, by virtue of the Merger and without any action on the part of the Company, Acquiror, Merger Sub or the holders
of any existing common stock of the Company (the “ Existing Company Common Stock ”): (i) each share of common stock
of Merger Sub, issued and outstanding immediately prior to the Effective Time will be converted into one validly issued, fully paid
and nonassessable share of common stock of the Company (the “ Company Common Stock ”); and (ii) each share of
Existing Company Common Stock of the Company (collectively, the “ Existing Company Stock ”) issued and outstanding
immediately prior to the Effective Time will be canceled and converted into the right to receive a portion of the Merger
Consideration (as defined herein), consisting of a newly designated Series B-1 convertible preferred stock, par value $0.00001 per
share, of the Acquiror (the “ Series B-1 Preferred Stock ”), with each holder of such shares receiving, for each
share of Existing Company Stock held immediately prior to the Effective Time, a pro rata portion of the Merger Consideration. The
shares of Series B-1 Preferred Stock issued in connection with the Merger is referred to as the “ Merger
Consideration.” Shuttle intends to file a Certificate of Designations, Preferences, and Rights of the Series B-1 Preferred Stock,
immediately prior to the Closing.
Subject
to the receipt by the Acquiror of stockholder approval (the “ Requisite Approval ”) for the issuance
of shares of common stock in connection with the conversion of the Series B-1 Preferred Stock (the “ B-1 Share Conversion ”),
each share of Series B-1 Preferred Stock will be convertible into 4,033 shares of common stock of the Acquiror, par value $0.00001 (the
“ Acquiror Common Stock ”) with an initial conversion price of $1.24 per share, subject to adjustment and subject to
a beneficial ownership limitation of 4.99% (or up to 19.99% at the election of the holder).
In
addition, holders of Existing Company Stock shall be entitled to receive up to 118,038,551 pre-funded warrants (“ Pre-Funded
Warrants ”) exercisable for a like number of shares of Acquiror Common Stock upon the new wholly-owned subsidiary meeting
certain Milestone Events (as defined in the Merger Agreement). Such Pre-Funded Warrants will be issuable only in the event the Acquiror
obtains the Requisite Approval.
Representations
and Warranties
The
Merger Agreement contains a number of representations and warranties made by Acquiror, the Company, and Merger Sub as of the date of
the Merger Agreement or other specific dates solely for the benefit of certain of the parties to the Merger Agreement, which in certain
cases are subject to specified exceptions and materiality, Company Material Adverse Effect or Acquiror Material Adverse Effect (each
as defined in the Merger Agreement), knowledge and other qualifications contained in the Merger Agreement or in information provided
pursuant to certain disclosure schedules to the Merger Agreement.
In
the Merger Agreement, the Company made certain customary representations to Acquiror including among others, related to the following:
(1) corporate matters, including due organization, existence and good standing; (2) corporate authority, approval and binding effect
relating to execution and delivery of the Merger Agreement and other ancillary documents and non-contravention; (3) government approvals;
(4) capitalization; (5) financial statements and internal controls; (6) compliance with laws; (7) absence of certain conditions; (8)
no undisclosed liabilities; (9) ownership and control of digital assets and other property and equipment; (10) litigation; (11) contracts;
(12) employee benefit plans; (13) labor and employment; (14) taxes; (15) intellectual property; (16) data protection and data privacy;
(17) information technology; (18) real property; (19) anti-bribery, trade controls compliance; (20) insurance; (21) competition regulation;
(22) environmental matters; (23) customers and suppliers; (24) brokers; (25) affiliate agreements; and (26) assets.
In
the Merger Agreement, Acquiror and Merger Sub made certain customary representations and warranties to the Company, including among others,
related to the following: (1) corporate matters, including due organization, existence and good standing; (2) corporate authority, approval
and binding effect relating to execution and delivery of the Merger Agreement and other ancillary documents, non-contravention and governmental
approvals; (3) compliance with laws; (4) employee benefit plans; (5) indebtedness; (6) taxes; (7) brokers; (8) SEC reports, financial
statements and the Sarbanes-Oxley Act; (9) business activities and absence of certain changes; (10) data protection and data privacy;
(11) information technology; (12) litigation; (13) no outside reliance; (14) capitalization; (15) Nasdaq quotation; (16) affiliate agreements;
(17) anti-bribery and economic sanctions; and (18) labor and employment.
Covenants
of the Parties
The
Merger Agreement contains a number of covenant obligations of the Acquiror and the Company, as of the date of the Merger Agreement or
other specific dates, as further set forth below.
In
the Merger Agreement, among other things, the Company covenants to deliver to Acquiror, within seventy-five (75) days after the Closing
Date, audited interim financial statements prepared in accordance with GAAP and Regulation S-X, along with any other financial statements
required for the Proxy Statement, including pro forma financials.
In
the Merger Agreement, among other things, the Acquiror covenants to: (1) provide the Company reasonable access to its properties,
books, and personnel from Closing until the B-1 Share Conversion is effective (the “ Conversion Effective Time ”);
(2) indemnify and hold harmless current and former directors and officers of both parties for pre-Closing matters to the fullest
extent permitted by law and organizational documents, including advancement of expenses; (3) maintain or cause to be maintained,
directors’ and officers’ liability insurance that provides (i) extended coverage for pre-Closing directors and officers
for six years after the Effective Time and (ii) ongoing coverage for post-Closing directors and officers on terms consistent with
market standards for companies of similar size and listing status; (4) from and after the Closing until the Conversion Effective
Time, operate its business in the ordinary course consistent with past practice; (5) promptly following the Closing, and in any
event no less than fifteen (15) Business Days following the Closing, cause the assets and liabilities of Acquiror existing
immediately prior to the Closing to be transferred to a newly established Subsidiary of Acquiror, the purpose of which shall be to
continue the current business and operations of Acquiror; (6) use its best efforts to consummate a private placement offering in an
aggregate amount of at least $10,000,000; and (7) prior to the B-1 Share Conversion, obtain conditional approval of its listing
application from Nasdaq in connection with the Transactions.
In
the Merger Agreement, among other things, Acquiror and the Company each jointly covenant to: (1) use commercially reasonable efforts
to obtain any required government or regulatory consents, consents of third-parties, if required, and take such actions reasonably necessary
to consummate the Transactions; (2) as promptly as practicable, to file a proxy statement to solicit votes of Acquiror stockholders for
the approval of, among other things, the issuance of Acquiror Common Stock upon the conversion of the Series B-1 Preferred Stock; (3)
transfer taxes, if any, shall be borne by the Acquiror; (4) that the Merger be treated as a “reorganization” within the meaning
of Section 368(a) of the Code (the “Section 368 Treatment”) and that the Merger and PIPE Financing be treated as an integrated transaction; (5) that each party shall not disclose any Confidential Information (as
defined in the Merger Agreement) and shall issue a joint press release relating to the Merger; (6) promptly notify each respective party
of certain matters as set forth in the Merger Agreement; (7) cooperate on the assumption of outstanding Company stock options by the Acquiror
and the entry by the Acquiror into certain employment agreements with current employees of the Company.
In
addition, effective at the Effective Time, the Acquiror has agreed that Ryan Trasolini, Chief Executive Officer of the Company, shall
be appointed Co-Chief Executive Officer of the Acquiror.
Financial
Advisor Fees
In
connection with the Merger, the Acquiror has agreed to issue to E.F. Hutton & Co. (i) 750 shares of Series B-1 Preferred Stock
convertible, subject to Requisite Approval, into 3,024,749 shares of Acquiror Common Stock at a conversion price of $1.24 per
share, subject to adjustment and subject to a beneficial ownership limitation of 4.99% (or up to 19.99% at the election of the holder),
and (ii) Pre-Funded Warrants to purchase up to and aggregate of 11,066,114 shares of Acquiror Common Stock upon the achievement
of the Milestone Events (subject to Requisite Approval).
Survival
Subject
to the limitations set forth in the Merger Agreement, the Surviving Representations (as defined in the Merger Agreement) shall survive
the Effective Time until the date that is twelve (12) months from the Effective Time. Other than the Surviving Representations, none
of the representations, warranties, covenants or agreements shall survive the Effective Time, other than (i) those covenants or agreements
of the parties which by their terms apply, or are to be performed in whole or in part, after the Effective Time and (ii) covenants and
agreements related to Tax Treatment, as set forth in greater detail in the Merger Agreement.
A
copy of the Merger Agreement is filed with this Current Report on Form 8-K as Exhibit 2.1 and is incorporated herein by reference, and
the foregoing description of the Merger Agreement is qualified in its entirety by reference thereto.
The
Merger Agreement contains representations, warranties and covenants that the respective parties made to each other as of the date of
such agreement or other specific dates. The assertions embodied in those representations, warranties and covenants were made for purposes
of the contract among the respective parties and are subject to important qualifications and limitations agreed to by the parties in
connection with negotiating such agreement. The Merger Agreement has been filed with this Current Report on Form 8-K in order to provide
investors with information regarding its terms. It is not intended to provide any other factual information about the Acquiror, the Company
or Merger Sub. In particular, the representations, warranties, covenants and agreements contained in the Merger Agreement, which were
made only for purposes of such agreement and as of specific dates, were solely for the benefit of the parties to the Merger Agreement,
may be subject to limitations agreed upon by the contracting parties (including being qualified by confidential disclosures made for
the purposes of allocating contractual risk between the parties to the Merger Agreement instead of establishing these matters as facts)
and may be subject to standards of materiality applicable to the contracting parties that differ from those applicable to investors and
reports and documents filed with the SEC. Investors should not rely on the representations, warranties, covenants and agreements, or
any descriptions thereof, as characterizations of the actual state of facts or condition of any party to the Merger Agreement. In addition,
the representations, warranties, covenants and agreements and other terms of the Merger Agreement may be subject to subsequent waiver
or modification. Moreover, information concerning the subject matter of the representations and warranties and other terms may change
after the date of the Merger Agreement, which subsequent information may or may not be fully reflected in the Acquiror’s public
disclosures.
PIPE
Financing
On
April 30, 2026, the Acquiror entered into a Securities Purchase Agreement (the “ Securities Purchase Agreement ”)
with certain accredited investors party thereto (each, a “ Purchaser ” and collectively, the
“ Purchasers ”), pursuant to which the Acquiror agreed to issue (i) $11,000,000 of a newly designated Series B-2
convertible preferred stock, par value $0.00001 (the “ Series B-2 Preferred Stock ”) and (ii) common stock purchase
warrants (the “ Common Warrants ”) to purchase up to 100% of the number of shares of Common Stock underlying the
Series B-2 Convertible Preferred Stock as of the Closing Date, exercisable for a period of three (3) years at an exercise price of
$1.03 per share (the “ PIPE Financing ”). Shuttle intends to file a Certificate of Designations, Preferences, and Rights of the Series B-2 Preferred Stock,
immediately prior to the Closing.
Upon
subsequent receipt of Stockholder Approval (as defined in the Securities Purchase Agreement), the shares of Series B-2 Convertible Preferred
Stock will be automatically convertible (the “ B-2 Share Conversion ” and together with the B-1 Share Conversion, the
“ Conversions ”), at a conversion price of $1.03 (subject to adjustment), into an aggregate of approximately 9,708,738
shares of Company Common Stock, subject to customary beneficial ownership limitations.
In
addition, the Acquiror agreed to issue to the Purchasers Pre-Funded Warrants to purchase 10,679,612 shares of Common Stock in the
aggregate (for a total of up to 34,932,064 shares of Acquiror Common Stock (the “ Milestone Shares ”) in the aggregate) if all three Milestone Events are achieved.
Under
the Securities Purchase Agreement, the Acquiror is obligated to seek Stockholder Approval (as defined in the Securities Purchase Agreement)
to, among other things, approve the issuance of Acquiror Common Stock upon the B-2 Conversion. The Pre-Funded Warrants will not be issuable
until the Acquiror receives Stockholder Approval. Pursuant to the Securities Purchase Agreement, the Acquiror has agreed to files a registration statement (a “ Registration
Statement ”) which will have been declared effective
within 15 days of receipt of Stockholder Approval (or declared effective within 45 days in the event the Securities and Exchange Agreement
(the “Commission”) determines to review the Registration Statement). Notwithstanding anything to contrary, in the event
that no Milestone Shares (and/or Pre-Funded Warrants) have been issued pursuant to the Securities Purchase Agreement on or before the
date that the Registration Statement is declared effective by the Commission, the Acquiror shall not be obligated to include any such
Milestone Shares on such Registration Statement, and shall instead be obligated to include such Milestone Shares on a subsequent resale
registration statement required to be filed and declared effective by the Commission within thirty (30) days of a Milestone Event.
Copies
of the Form of Common Warrant, Form of Pre-Funded Warrant and Securities Purchase Agreement are filed as Exhibits 4.1, 4.2 and 10.1,
respectively, to this Current Report on Form 8-K and are incorporated herein by reference, and the foregoing description of the Common
Warrant, Pre-Funded Warrant and Securities Purchase Agreement is qualified in their entirety by reference thereto.
Placement
Agency Agreement
On
April 30, 2026, the Company entered into a Placement Agency Agreement (the “ Placement Agency Agreement ”) with
E.F. Hutton & Co., as placement agent (the “ Placement Agent ”), pursuant to which the Placement Agent agreed to
act as the Company’s exclusive placement agent in connection with the PIPE Financing. The PIPE Financing was conducted on a reasonable
best-efforts basis.
Pursuant
to the Placement Agency Agreement, the Company agreed to pay the Placement Agent a cash fee equal to 8.0% of the gross proceeds of the
PIPE Financing, plus a non-accountable expenses fee of 1.00% of the aggregate gross proceeds of the Offering and certain reimbursable
expenses.
The
foregoing description of the Placement Agency Agreement is subject to, and qualified in its entirety by, the full text of such document,
which is filed as Exhibit 10.2 to this report and is incorporated herein by reference.
Second
Amendment to Asset Purchase Agreement
On
April 30, 2026, the Acquiror entered into a Second Amendment (the “ Second Amendment ”) to Asset Purchase Agreement
(the “ Asset Purchase Agreement ”) with 1563868 B.C. Ltd., a Canadian limited corporation and the Company’s wholly
owned subsidiary (“ Purchaser ”), 1542770 BC Ltd., a Canadian limited corporation (“ Seller ”), and
ZhiTian (Andy) Zhang, an individual residing in Vancouver, Canada (“ Seller Guarantor ”), dated as of November 20, 2025,
as amended by that First Amendment to Asset Purchase Agreement, dated December 23, 2025 (the “ First Amendment ” and
the Asset Purchase Agreement, as amended, the “ APA ”).
Pursuant
to the terms and conditions of the Second Amendment, on the Effective Date, the Acquiror will (i) issue 270 shares of Series B-1 Convertible
Preferred Stock to Seller and (ii) pay $3,646,642 in cash as payment of the First Installment Payment and Second Installment Payment
(both as defined in the APA). In addition, pursuant to the Second Amendment, the Seller shall be entitled to receive up to three installments
of Pre-Funded Warrants in connection with the Milestone Events, each installment exercisable for 1,281,438 shares of Common Stock (for
a total of up to 3,844,314 shares of Common Stock if all three Milestone Events are achieved). In connection with the Amendment, Seller
shall return to the Acquiror for cancellation, 320,496 shares of Common Stock issued to the Seller pursuant to the First Amendment.
The
closing of the transactions contemplated under the Second Amendment will be consummated on the Closing Date.
The
Second Amendment contains customary representations, warranties and covenants that were made solely for the benefit of the parties to
the Second Amendment.
The
foregoing description of the Second Amendment is qualified by reference to the full text of the Second Amendment, a copy of which is attached as Exhibit 10.3 to this Current Report on Form 8-K and incorporated herein by this
reference.