60 Degrees Pharmaceuticals, Inc. Announces 1:12 Reverse Stock Split
06 Agosto 2024 - 8:26AM
60 Degrees Pharmaceuticals, Inc. (NASDAQ: SXTP; SXTPW) (the
“Company”), a pharmaceutical company focused on developing new
medicines for infectious diseases, announced today that it will
effect a 1-for-12 reverse stock split (“Reverse Stock Split”) of
its common stock, par value $0.0001 per share (“Common Stock”). The
Common Stock will continue to trade on The Nasdaq Capital Market
under the existing symbol “SXTP” and will begin trading on a
split-adjusted basis when the market opens on August 12, 2024. The
new CUSIP number for the Common Stock following the Reverse Stock
Split will be 83006G203.
The Reverse Stock Split is primarily intended to
bring the Company into compliance with The Nasdaq Stock Market
LLC’s (“Nasdaq”) $1.00 minimum bid price requirement for
maintaining its Nasdaq listing. There is no guarantee the Company
will meet the minimum bid price requirement.
On July 16, 2024, the Company’s stockholders
approved a proposal to authorize a reverse stock split of the
Common Stock at a ratio within the range of 1-for-5 and 1-for-12
with the authority delegated to the Board of the Directors of the
Company to determine the exact reverse split ratio and when to file
the Certificate of Amendment with the Secretary of State of the
State of Delaware. On July 19, 2024, the Company’s Board of
Directors approved a 1-for-12 reverse split ratio and on July 30,
2024, the Company filed a Certificate of Amendment to its
Certificate of Incorporation to effect the Reverse Stock Split.
The 1-for-12 reverse stock split will
automatically combine and convert twelve current shares of the
Common Stock into one issued and outstanding new share of Common
Stock. Proportional adjustments also will be made to shares
underlying outstanding equity awards, warrants and convertible
notes, and to the number of shares issued and issuable under the
Company’s stock incentive plans and certain existing agreements.
The Reverse Stock Split will not change the par value of the Common
Stock nor the authorized number of shares of Common Stock,
preferred stock or any series of preferred stock.
No fractional shares will be issued in
connection with the Reverse Stock Split. All fractional shares will
be rounded up to the next whole share. The Reverse Stock Split will
affect all stockholders uniformly and will not alter any
stockholder’s percentage interest in the Company’s equity.
The Company’s transfer agent, Equity Stock
Transfer, LLC, will serve as the agent for the Reverse Stock Split.
Registered stockholders holding pre-split shares of the Common
Stock electronically in book-entry form are not required to take
any action to receive post-split shares. Stockholders owning shares
via a broker, bank, trust or other nominee will have their
positions automatically adjusted to reflect the Reverse Stock Split
and will not be required to take any action in connection with the
Reverse Stock Split.
About 60 Degrees Pharmaceuticals,
Inc.
60 Degrees Pharmaceuticals, Inc., founded in
2010, specializes in developing and marketing new medicines for the
treatment and prevention of infectious diseases that affect the
lives of millions of people. 60 Degrees Pharmaceuticals,
Inc. achieved FDA approval of its lead product, ARAKODA®
(tafenoquine), for malaria prevention, in 2018. 60 Degrees
Pharmaceuticals, Inc. also collaborates with prominent
research organizations in the U.S., Australia,
and Singapore. The 60 Degrees Pharmaceuticals,
Inc. mission has been supported through in-kind funding from
the U.S. Department of Defense and private institutional
investors including Knight Therapeutics Inc., a Canadian-based
pan-American specialty pharmaceutical company. 60 Degrees
Pharmaceuticals, Inc. is headquartered in Washington
D.C., with a majority-owned subsidiary in Australia. Learn
more at www.60degreespharma.com.
The statements contained herein may include
prospects, statements of future expectations and other
forward-looking statements that are based on management’s current
views and assumptions and involve known and unknown risks and
uncertainties. Actual results, performance or events may differ
materially from those expressed or implied in such forward-looking
statements.
Cautionary Note Regarding
Forward-Looking Statements
This press release may contain “forward-looking
statements” within the meaning of the safe harbor provisions of
the U.S. Private Securities Litigation Reform Act of
1995. Forward‐looking statements reflect the current view about
future events. When used in this press release, the words
“anticipate,” “believe,” “estimate,” “expect,” “future,” “intend,”
“plan,” or the negative of these terms and similar expressions, as
they relate to us or our management, identify forward‐looking
statements. Forward-looking statements are neither historical facts
nor assurances of future performance. Instead, they are based only
on our current beliefs, expectations and assumptions
regarding the future of our business, future plans and strategies,
projections, anticipated events and trends, the economy, activities
of regulators and future regulations and other future conditions.
Because forward-looking statements relate to the future, they are
subject to inherent uncertainties, risks and changes in
circumstances that are difficult to predict and many of which are
outside of our control. Our actual results and financial condition
may differ materially from those indicated in the forward-looking
statements. Therefore, you should not rely on any of these
forward-looking statements. Important factors that could cause our
actual results and financial condition to differ materially from
those indicated in the forward-looking statements include, among
others, the following: there is substantial doubt as to our ability
to continue on a going-concern basis; we might not be eligible for
Australian government research and development tax rebates; if we
are not able to successfully develop, obtain FDA approval for, and
provide for the commercialization of non-malaria prevention
indications for tafenoquine (ARAKODA® or other regimen) or
Celgosivir in a timely manner, we may not be able to expand our
business operations; we may not be able to successfully conduct
planned clinical trials or patient recruitment in our trials might
be slow or negligible; and we have no manufacturing capacity which
puts us at risk of lengthy and costly delays of bringing our
products to market. More detailed information about the
Company and the risk factors that may affect the realization of
forward- looking statements is set forth in the Company’s filings
with the Securities and Exchange Commission (“SEC”),
including the information contained in our Annual Report on Form
10-K filed with the SEC on April 1, 2024, and our
subsequent SEC filings. Investors and security holders
are urged to read these documents free of charge on the SEC’s web
site at www.sec.gov. As a result of these matters, changes in
facts, assumptions not being realized or other circumstances, the
Company’s actual results may differ materially from the expected
results discussed in the forward-looking statements contained in
this press release. Any forward-looking statement made by us in
this press release is based only on information currently available
to us and speaks only as of the date on which it is made. We
undertake no obligation to publicly update any forward-looking
statement, whether written or oral, that may be made from time to
time, whether as a result of new information, future developments
or otherwise.
Investor Contact:Patrick
Gaynespatrickgaynes@60degreespharma.com(310) 989-5666
60 Degrees Pharmaceuticals (NASDAQ:SXTPW)
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