Shuttle Pharmaceuticals to Acquire United Dogecoin with $11M PIPE, 3,000 Mining Rigs
Shuttle Pharmaceuticals will merge with United Dogecoin in an $11 million PIPE-funded deal to establish a public Dogecoin mining platform. The combined company plans to deploy 3,000 ElphaPex rigs delivering up to 43,200 GH/s—about 1.5% of global Dogecoin capacity—within 60 days post-close.
1. Merger Agreement Details
Shuttle Pharmaceuticals Holdings has signed a definitive merger agreement to acquire United Dogecoin Inc., creating a public-market entity focused on Dogecoin mining and treasury accumulation. Under the terms, United Dogecoin will merge into a wholly owned subsidiary of Shuttle upon closing.
2. Mining Fleet Deployment Plan
United Dogecoin plans to secure purchase orders for up to 3,000 latest-generation ElphaPex mining rigs post-financing, expected to deliver up to 43,200 GH/s—approximately 1.5% of global Dogecoin capacity—and come online within 60 days of closing.
3. Financing Structure and Equity Impact
The transaction is backed by an $11 million PIPE financing set to close on May 4. Shuttle will issue 8,000 Series B-1 Convertible Preferred shares to United Dogecoin equityholders, convertible into roughly 32.26 million common shares, with up to 118.04 million pre-funded warrants tied to operational milestones.
4. Strategic Implications for SHPH
This transaction marks a significant pivot for the Nasdaq-listed pharmaceutical and AI drug-discovery company into the crypto-mining sector, potentially broadening its asset base and offering investors direct Dogecoin exposure alongside existing operations.