60 Degrees Pharmaceuticals, Inc. Announces 1:12 Reverse Stock Split
60 Degrees Pharmaceuticals (NASDAQ: SXTP) has announced a 1:12 reverse stock split of its common stock, effective August 12, 2024. This move is primarily aimed at complying with Nasdaq's $1.00 minimum bid price requirement to maintain its listing. The stock will continue trading under the symbol 'SXTP' with a new CUSIP number 83006G203. The split will automatically convert 12 current shares into one new share, with proportional adjustments made to equity awards, warrants, and convertible notes. No fractional shares will be issued, and all fractions will be rounded up. The split won't alter the par value or authorized number of shares, and stockholders' percentage interests will remain unchanged.
60 Degrees Pharmaceuticals (NASDAQ: SXTP) ha annunciato uno split azionario inverso 1:12 delle sue azioni ordinarie, a partire dal 12 agosto 2024. Questa mossa è principalmente finalizzata a rispettare il requisito di prezzo minimo di offerta di $1,00 di Nasdaq per mantenere la sua quotazione. Le azioni continueranno a essere scambiate con il simbolo 'SXTP' con un nuovo numero CUSIP 83006G203. Lo split convertirà automaticamente 12 azioni attuali in una nuova azione, con aggiustamenti proporzionali effettuati per premi azionari, warrant e note convertibili. Non verranno emesse azioni frazionarie e tutte le frazioni saranno arrotondate per eccesso. Lo split non altererà il valore nominale o il numero autorizzato di azioni, e le percentuali di interesse degli azionisti rimarranno invariate.
60 Degrees Pharmaceuticals (NASDAQ: SXTP) ha anunciado un split de acciones inverso de 1:12 de sus acciones ordinarias, efectivo a partir del 12 de agosto de 2024. Este movimiento tiene como objetivo principal cumplir con el requisito de precio mínimo de oferta de $1.00 de Nasdaq para mantener su listado. Las acciones seguirán cotizando bajo el símbolo 'SXTP' con un nuevo número CUSIP 83006G203. La división convertirá automáticamente 12 acciones actuales en una nueva acción, con ajustes proporcionales realizados a los premios de capital, warrants y notas convertibles. No se emitirán acciones fraccionarias, y todas las fracciones se redondearán hacia arriba. La división no alterará el valor nominal ni el número autorizado de acciones, y los intereses porcentuales de los accionistas permanecerán sin cambios.
60 Degrees Pharmaceuticals (NASDAQ: SXTP)는 1:12 비율의 액면 분할을 발표했으며, 이는 2024년 8월 12일부터 시행됩니다. 이 조치는 주식 상장 유지를 위한 나스닥의 $1.00 최소 매도 가격 요건을 주로 준수하기 위한 것입니다. 이 주식은 새로운 CUSIP 번호 83006G203으로 'SXTP' 기호 아래 계속 거래될 것입니다. 이번 분할은 현재의 12주를 한 주로 자동 변환하며, 이에 따라 주식 보상, 워런트, 전환 사채에 대한 비율 조정이 이루어질 것입니다. 분할된 주식으로 인한 소수 주식은 발행되지 않으며, 모든 소수 주식은 올림 처리됩니다. 이번 분할은 액면가 및 승인된 주식 수에 변화를 주지 않으며, 주주들의 비율적 이익은 변하지 않습니다.
60 Degrees Pharmaceuticals (NASDAQ: SXTP) a annoncé un démembrement d'actions inversé de 1:12 de ses actions ordinaires, effectif à partir du 12 août 2024. Cette mesure vise principalement à se conformer à l'exigence de prix minimum de 1,00 $ de Nasdaq pour maintenir son inscription. Les actions continueront d'être échangées sous le symbole 'SXTP' avec un nouveau numéro CUSIP 83006G203. Le démembrement convertira automatiquement 12 actions actuelles en une nouvelle action, avec des ajustements proportionnels effectués pour les attributions d'équité, les bons de souscription et les obligations convertibles. Aucune action fractionnaire ne sera émise et toutes les fractions seront arrondies à l'unité supérieure. Le démembrement ne modifiera ni la valeur nominale ni le nombre d'actions autorisées, et les intérêts en pourcentage des actionnaires resteront inchangés.
60 Degrees Pharmaceuticals (NASDAQ: SXTP) hat einen 1:12 Reverse-Stock-Split seiner Stammaktien angekündigt, der am 12. August 2024 wirksam wird. Diese Maßnahme zielt in erster Linie darauf ab, die Mindestgebotsanforderung von $1,00 der Nasdaq zu erfüllen, um den Listung zu behalten. Die Aktien werden weiterhin unter dem Symbol 'SXTP' mit einer neuen CUSIP-Nummer 83006G203 gehandelt. Der Split wird automatisch 12 aktuelle Aktien in eine neue Aktie umwandeln, wobei proportionale Anpassungen für Eigenkapitalvergütungen, Warrants und Wandelschuldverschreibungen vorgenommen werden. Es werden keine fractional shares ausgegeben und alle Bruchteile werden aufgerundet. Der Split wird den Nennwert oder die genehmigte Anzahl der Aktien nicht ändern, und der prozentuale Anteil der Aktionäre bleibt unverändert.
- Attempt to maintain Nasdaq listing compliance
- No change in stockholders' percentage interest in the company
- Indicates struggle to meet Nasdaq's minimum bid price requirement
- No guarantee of meeting the minimum bid price requirement post-split
- Potential for increased stock price volatility
Insights
The 1:12 reverse stock split announced by 60 Degrees Pharmaceuticals is a critical move to maintain Nasdaq listing compliance. This action aims to boost the stock price above the
Investors should be aware that while reverse splits can temporarily increase share price, they often signal underlying financial struggles. The substantial 1:12 ratio suggests significant downward pressure on the stock. This move might deter some investors, potentially impacting liquidity. However, maintaining Nasdaq listing is important for visibility and access to capital markets.
Keep an eye on post-split trading volumes and any potential dilution from convertible securities adjustments. The effectiveness of this strategy in improving long-term shareholder value remains to be seen and will largely depend on the company's fundamental performance moving forward.
This reverse stock split reflects broader challenges in the biotech sector, particularly for smaller companies. With a focus on infectious diseases, 60 Degrees Pharmaceuticals operates in a high-risk, high-reward field. The need for this drastic 1:12 split suggests significant market skepticism about the company's near-term prospects or pipeline potential.
Investors should consider this move in the context of industry trends. Many biotech firms are struggling with funding in the current economic climate and maintaining Nasdaq listing is important for attracting institutional investors and accessing capital. However, the split alone doesn't address underlying business challenges.
It's worth comparing SXTP's performance to relevant biotech indices and peers to gauge relative strength. Additionally, monitor any upcoming catalysts, such as clinical trial results or regulatory decisions, which could significantly impact the stock's post-split performance. The market's reaction in the weeks following the split will be telling of investor sentiment and the company's perceived value proposition.
WASHINGTON, Aug. 06, 2024 (GLOBE NEWSWIRE) -- 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
The Reverse Stock Split is primarily intended to bring the Company into compliance with The Nasdaq Stock Market LLC’s (“Nasdaq”)
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 Gaynes
patrickgaynes@60degreespharma.com
(310) 989-5666
FAQ
What is the reverse stock split ratio announced by 60 Degrees Pharmaceuticals (SXTP)?
When will the SXTP reverse stock split take effect?
Why is 60 Degrees Pharmaceuticals (SXTP) implementing a reverse stock split?
Will the SXTP stock symbol change after the reverse split?
