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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
August 26, 2024
60 DEGREES PHARMACEUTICALS, INC.
(Exact name of registrant as specified in its charter)
Delaware |
|
001-41719 |
|
45-2406880 |
(State or other jurisdiction
of Incorporation) |
|
(Commission
File Number) |
|
(IRS Employer
Identification Number) |
1025 Conecticut
Avenue NW Suite 1000,
Washington,
D.C. |
|
20036 |
(Address of registrant’s principal executive office) |
|
(Zip code) |
(202) 327-5422
(Registrant’s telephone number, including area
code)
Not Applicable
(Former name or former address, if changed since last
report)
Check the appropriate box below if the Form 8-K filing
is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
|
¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of
the Act:
Title of each class |
|
Trading symbol(s) |
|
Name of each exchange on which
registered |
Common Stock, par value $0.0001 per share |
|
SXTP |
|
The Nasdaq Stock Market LLC |
|
|
|
|
|
Warrants, each warrant to purchase one share of Common Stock |
|
SXTPW |
|
The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act.
Item 8.01. Other Events.
As previously reported, on February
27, 2024, 60 Degrees Pharmaceuticals, Inc. (the “Company”) received a letter from the Listing Qualifications Staff of The
Nasdaq Stock Market LLC (“Nasdaq”) therein stating that for the 30 consecutive business day period between January 11, 2024
through February 27, 2024, the common stock of the Company had not maintained a minimum closing bid price of $1.00 per share required
for continued listing on The Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(a)(2) (the “Bid Price Rule”).
On August 26, 2024, the Company received a letter
from the Listing Qualifications Staff of Nasdaq informing the Company that for the 10 consecutive business day period between August 12,
2024 through August 23, 2024, the closing bid price of the Company’s common stock has been at $1.00 per share or greater. Accordingly,
the Company has regained compliance with Listing Rule 5550(a)(2) and this matter is closed.
On August 28, 2024, the Company
issued a press release announcing its compliance with the Bid Price Rule. The Company’s press release is filed as Exhibit 99.1 to
this Current Report on Form 8-K and is incorporated herein by reference.
The information set forth
under this Item 8.01, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall
it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly
set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
The following exhibits are being filed herewith:
SIGNATURES
Pursuant to the requirements of
the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
|
60 DEGREES PHARMACEUTICALS, INC. |
|
|
Date: August 28, 2024 |
By: |
/s/ Geoffrey Dow |
|
Name: |
Geoffrey Dow |
|
Title: |
Chief Executive Officer and President |
Exhibit 99.1
60 Degrees Pharmaceuticals, Inc. Regains Compliance
with Nasdaq Listing Requirements
WASHINGTON, Aug. 28, 2024 (GLOBE NEWSWIRE) -- 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 Gaynes
patrickgaynes@60degreespharma.com
(310) 989-5666
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