Gaithersburg, Maryland--(Newsfile Corp. - May 14, 2026) - Shuttle Pharmaceutical Holdings, Inc. (NASDAQ: SHPH) ("Shuttle" or the "Company") today announced the closing (the "Closing") of its previously announced merger with United Dogecoin Inc. ("United Dogecoin"), and the confirmation of a purchase order granting the Company the option to purchase up to 3,000 next-generation ElphaPex Scrypt mining rigs ("Mining Rigs") for use in the Company's Dogecoin (DOGE) and Litecoin (LTC) merge-mining operations. As previously reported on Shuttle's Current Report on Form-8-K dated May 7, 2026 (the "Closing 8-K"), filed with the U.S. Securities and Exchange Commission (the "SEC"), the Closing was completed on May 6, 2026.
Effective at Closing, United Dogecoin became a wholly owned subsidiary of Shuttle. The combined company is now positioned to pursue a focused strategy of mining DOGE and LTC and accumulating mined coins on its balance sheet.
Transaction Closing
In connection with the Closing, Shuttle:
- Issued 8,000 shares of Series B-1 Convertible Preferred Stock to United Dogecoin equity holders, which, subject to stockholder approval, are convertible into approximately 32,264,000 shares of Shuttle common stock;
- Reserved up to 118,038,551 pre-funded warrants for issuance to United Dogecoin equity holders, subject to the achievement of specified post-Closing operational milestones and receipt of Shuttle stockholder approval; and
- Completed the previously announced $9.55 million private placement financing ("PIPE Financing").
Additional information regarding the Closing and the related securities issuances are set forth in the Closing 8-K.
Initial 3,000 Rig Purchase Order
Today, the Company has confirmed receipt of a purchase order granting them the option to purchase up to 3,000 next-generation ElphaPex mining rigs. The rigs utilize the Scrypt hashing algorithm and are capable of merge-mining Dogecoin and Litecoin simultaneously, allowing the Company to capture rewards from both networks from a single fleet.
Once fully deployed, the fleet is expected to deliver up to approximately 43,200 GH/s of total hash rate. Subject to delivery and site readiness, the Company expects to begin bringing the rigs online within 60 days of equipment receipt.
Management Commentary
"The confirmation of our initial rig purchase order marks the start of what we believe can become one of the most prominent publicly traded Dogecoin and Litecoin mining platforms in the market today," said Ryan Trasolini, Co-Chief Executive Officer of Shuttle and founder of United Dogecoin. "Our approach is disciplined and straightforward. Deploy efficient, new-generation ElphaPex mining rigs, mine DOGE and LTC at meaningful scale, and accumulate mined digital assets on our balance sheet with the goal of building consistent, long-term value for our stockholders."
About United Dogecoin
United Dogecoin is a Dogecoin mining company built on three foundational advantages: scale, preferential access to best-in-class equipment, and an industry leading management team. Its mission is to establish and maintain category leadership in the Dogecoin sector through high-efficiency, low-cost mining operations and strategic coin accumulation, combining operational excellence, consistency and expert execution to build a robust reserve.
About Shuttle Pharmaceuticals
Shuttle (NASDAQ: SHPH) owns a pharmaceutical software AI driven platform for molecular discovery and early-stage drug development. By combining modern AI techniques with structured scientific workflows, the Molecule.ai platform helps researchers explore the chemical space more efficiently, evaluate molecular ideas with greater clarity and make more informed decisions during the earliest stages of drug development.
Additional Information and Where To Find It
In connection with the Closing, the PIPE Financing and related transactions, Shuttle intends to file with the SEC a Proxy Statement pursuant to Section 14(a) of the Securities Exchange Act of 1934 (the "Proxy Statement"), in preliminary and definitive form, and other required documents regarding the issuance of the securities underlying the securities issued in connection with the Closing and the PIPE Financing. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT, AS MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME, AND OTHER RELEVANT DOCUMENTS FILED BY SHUTTLE WITH THE SEC BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT SHUTTLE, UNITED DOGECOIN, THE CLOSING, THE PIPE FINANCING, THE SECURITIES ISSUED IN THE CLOSING AND PIPE FINANCING AND THE RELATED RISKS AND RELATED MATTERS.
The Definitive Proxy Statement will be mailed to stockholders of Shuttle. Investors will be able to obtain free copies of the Proxy Statement, as may be amended from time to time, and other relevant documents filed by Shuttle with the SEC (when they become available) through the website maintained by the SEC at www.sec.gov. Copies of documents filed with the SEC by Shuttle, including the Proxy Statement (when available), will be available free of charge from Shuttle's website at www.shuttlepharma.com under the "Investors" tab.
Cautionary Note Regarding Forward-Looking Statements
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." 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.
These forward-looking statements include, but are not limited to, statements regarding the post-Merger company and its operations, strategies and plans, capital expenditures, the purchase order for the Mining Rigs, the expected timing for the deployment of the Mining Rigs, the total hash rate the Mining Rigs are expected to generate and stockholder approval for the issuance of securities in connection with the exercise or conversion of securities issued in connection with the Closing and the PIPE Financing.
There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements included in this press release. These include, among others, the risk that Shuttle's and United Dogecoin's businesses will not be integrated successfully, synergies and growth from the Closing may not be fully realized or may take longer to realize than expected; potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the merger; failure to obtain or maintain required listing approvals or satisfy Nasdaq continued listing standards; risks relating to the volatile nature of the price of DOGE and other cryptocurrencies; risks relating to significant legal, commercial, regulatory and technical uncertainty regarding digital assets generally; risks relating to the treatment of digital assets for U.S. and foreign tax purposes; risks related to the unknown returns that the post-merger company's DOGE treasury strategy will generate; risks related to unproven strategies; the risk that changes in Shuttle's capital structure and governance following the merger could have adverse effects on the market value of its securities; the ability of Shuttle and the post-merger company to retain customers and retain and hire key personnel and on Shuttle's and the post-merger company's operating results and business generally; the risk that Shuttle may be unable to reduce expenses or access financing or liquidity; the impact of any related economic downturn; the risk of changes in governmental regulations or enforcement practices; and other important factors that could cause actual results to differ materially from those projected. All such factors are difficult to predict and are beyond Shuttle's and United Dogecoin's control, including those detailed in Shuttle's Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and such other documents of Shuttle filed, or to be filed, with the SEC that are or will be available on Shuttle's website at www.shuttlepharma.com and on the website of the SEC at www.sec.gov. All forward-looking statements are based on assumptions that Shuttle and United Dogecoin believe to be reasonable but that may not prove to be accurate. Any forward-looking statement speaks only as of the date on which such statement is made, and neither Shuttle nor United Dogecoin undertakes any obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
Participants in the Solicitation
United Dogecoin, Shuttle, and their respective directors, executive officers, management and employees, under SEC rules, may be deemed to be participants in a solicitation of proxies of Shuttle' stockholders. Investors and stockholders may obtain more detailed information regarding the names, affiliations, and interests of Shuttle' directors and executive officers in its filings with the SEC. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies of Shuttle stockholders will be set forth in the Proxy Statement. Such interests may in some cases be different from those of United Dogecoin's or Shuttle' equity holders generally.
No Offer or Solicitation
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This communication is not, and under no circumstances is to be construed as, a prospectus, an advertisement or a public offering of the securities described in this press release in the United States or any other jurisdiction. No offer of securities shall be made except by means of a prospectus filed with the SEC meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an applicable exemption.
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