E.F. Hutton & Co. Serves as Exclusive Placement Agent on Shuttle Pharmaceuticals' $3.5 Million Public Offering
NEW YORK, March 12, 2026 (GLOBE NEWSWIRE) -- E.F. Hutton & Co. ("E.F. Hutton"), a leading investment banking and financial advisory firm, today announced that it acted as the exclusive placement agent in connection with a $3.5 million public offering by Shuttle Pharmaceuticals Holdings, Inc. (NASDAQ:SHPH) ("Shuttle Pharmaceuticals" or the "Company"), the owner of Molecule.ai, an artificial intelligence ("AI") driven platform for molecular discovery and early-stage drug development.
Shuttle Pharmaceuticals entered into a securities purchase agreement with investors for the issuance and sale of 2,238,800 shares of common stock and pre-funded warrants to purchase 4,761,200 shares of common stock in a public offering. The offering resulted in aggregate gross proceeds of approximately $3.5 million, before deducting placement agent fees and other offering expenses.
The offering closed on March 10, 2026. Shuttle Pharmaceuticals intends to use up to $1.5 million of the net proceeds from the offering for future marketing efforts and the remainder for working capital and general corporate purposes.
Joseph T. Rallo, Chief Executive Officer of E.F. Hutton & Co., commented, "We are pleased to support Shuttle Pharmaceuticals in this financing as the Company continues advancing its commercial and development objectives. This transaction reflects our focus on structuring capital markets solutions that help emerging growth companies secure funding aligned with their operational priorities."
The securities described above were offered and sold by the Company in a public offering pursuant to a registration statement on Form S-1 (File No. 333-293363) that was originally filed with the U.S. Securities and Exchange Commission ("SEC") on February 11, 2026, and became effective on February 17, 2026. The offering was made only by means of a prospectus that forms part of the effective registration statement.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
About E.F. Hutton & Co.
E.F. Hutton & Co. is an investment bank and broker-dealer headquartered in Manhattan, providing comprehensive advisory and financing solutions to a diverse range of clients including corporates, sponsors, and public-private partnerships. With a global footprint, we offer end-to-end investment banking services encompassing capital markets, PIPEs, private placements, M&A advisory, and strategic financing. The Executive Team at E.F. Hutton & Co. has a proven track record of delivering unwavering strategic advice to clients across the U.S., Asia, Europe, the UAE, and Latin America.
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