Shuttle Pharmaceutical Holdings Inc. (SHPH), a clinical-stage pharmaceutical company, announced on Thursday a merger agreement to acquire United Dogecoin, a cryptocurrency mining company of Dogecoin.
Shuttle owns a pharmaceutical software AI-driven platform for molecular discovery and early-stage drug development. In merging with United, the resulting company will be the world's largest Dogecoin miner.
United Dogecoin will be merged with a wholly owned subsidiary of Shuttle. The acquisition will be supported by an $11 million private investment in public equity (PIPE) financing, expected to close on May 4, 2026.
As per the terms of the merger agreement, Shuttle will issue 8000 Series B-1 outstanding shares of convertible preferred stock, allowing equity holders to purchase 100% outstanding shares of United Dogecoin. The Series B-1 convertible preferred stock will be automatically convertible at $1.24 per share, into an aggregate of 32,258,064 shares of Shuttle's common stock at $0.00001 per share. United Dogecoin equity holders will receive up to 118,038,551 pre-funded warrants
In connection with the merger, Shuttle will issue 2200 shares of Series B-2 convertible preferred stock as part of the PIPE financing. The automatically convertible stock will be issued at a conversion price of $1.03, into an aggregate of approximately 9,708,738 shares.
The company plans to appoint Ryan Trassolini, chief executive officer (CEO) of United Dogecoin, as co-CEO alongside Christopher Cooper.
SHPH closed Thursday at $1.03, up 3%. In the pre-market, shares are trading at $1.22, up 18.45%.
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