60 Degrees Pharmaceuticals, Inc. Regains Compliance with Nasdaq Listing Requirements
August 28 2024 - 2:48PM
60 Degrees Pharmaceuticals, Inc. (NASDAQ: SXTP; SXTPW)
(“60P” or the “Company”), a pharmaceutical company focused on
developing new medicines for infectious diseases, announced today
that on August 26, 2024 it received written notice from the Listing
Qualifications Staff of the Nasdaq Stock Market LLC (“Nasdaq”)
stating that the Company has regained compliance with the minimum
bid price requirement (the “Minimum Bid Price Requirement”), as set
forth in Nasdaq Listing Rule 5550(a)(2) for continued listing on
The Nasdaq Capital Market.
The Company had been notified by Nasdaq on
February 27, 2024 that it was not in compliance with the Minimum
Bid Price Requirement because its common stock had failed to
maintain a minimum bid price of $1.00 for 30 consecutive business
days. In order to regain compliance with the Minimum Bid Price
Requirement, the Company was required to maintain a minimum closing
bid price of $1.00 or more for at least 10 consecutive trading
days, which was achieved during the period between August 12, 2024
and August 23, 2024. The Company’s closing price was $1.81 on
August 23, 2024.
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.
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 U.S. Food and Drug
Administration (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; 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
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