60 Degrees Pharmaceuticals, Inc. Announces 1:5 Reverse Stock Split
60 Degrees Pharmaceuticals (NASDAQ: SXTP) has announced a 1-for-5 reverse stock split of its common stock, effective February 24, 2025. The primary purpose is to comply with Nasdaq's $1.00 minimum bid price requirement to maintain listing. The stock will continue trading under 'SXTP' with a new CUSIP number 83006G401.
The reverse split will automatically convert every five current shares into one new share. Proportional adjustments will be made to outstanding equity awards, warrants, convertible notes, and shares under stock incentive plans. The split won't alter the par value, authorized share count, or stockholders' percentage ownership. No fractional shares will be issued; all will be rounded up to the next whole share.
Stockholders don't need to take action, as positions will be automatically adjusted. The company notes there's no guarantee it will meet the minimum bid requirement.
60 Degrees Pharmaceuticals (NASDAQ: SXTP) ha annunciato uno split azionario inverso 1-per-5 delle sue azioni ordinarie, effettivo dal 24 febbraio 2025. Lo scopo principale è quello di rispettare il requisito del prezzo minimo di offerta di $1.00 richiesto da Nasdaq per mantenere la quotazione. Le azioni continueranno a essere scambiate con il simbolo 'SXTP' e un nuovo numero CUSIP 83006G401.
Lo split inverso convertirà automaticamente ogni cinque azioni attuali in una nuova azione. Saranno effettuate modifiche proporzionali ai premi azionari in circolazione, ai warrant, alle note convertibili e alle azioni sotto i piani di incentivazione azionaria. Lo split non altererà il valore nominale, il numero di azioni autorizzate o la percentuale di proprietà degli azionisti. Non verranno emesse azioni frazionarie; tutte saranno arrotondate alla successiva azione intera.
Gli azionisti non devono intraprendere alcuna azione, poiché le posizioni saranno automaticamente regolate. L'azienda segnala che non c'è garanzia di soddisfare il requisito del prezzo minimo di offerta.
60 Degrees Pharmaceuticals (NASDAQ: SXTP) ha anunciado un split inverso de acciones 1 por 5 de sus acciones ordinarias, efectivo a partir del 24 de febrero de 2025. El propósito principal es cumplir con el requisito de precio mínimo de oferta de $1.00 para mantener la cotización en Nasdaq. Las acciones continuarán negociándose bajo 'SXTP' con un nuevo número CUSIP 83006G401.
El split inverso convertirá automáticamente cada cinco acciones actuales en una nueva acción. Se realizarán ajustes proporcionales a las recompensas de capital en circulación, warrants, notas convertibles y acciones bajo planes de incentivo de acciones. El split no alterará el valor nominal, la cantidad de acciones autorizadas ni el porcentaje de propiedad de los accionistas. No se emitirán acciones fraccionarias; todas se redondearán a la siguiente acción entera.
Los accionistas no necesitan tomar ninguna acción, ya que las posiciones se ajustarán automáticamente. La empresa señala que no hay garantía de que cumplirá con el requisito de precio mínimo de oferta.
60 Degrees Pharmaceuticals (NASDAQ: SXTP)는 1대 5 비율의 주식 분할을 2025년 2월 24일부터 시행한다고 발표했습니다. 주요 목적은 Nasdaq의 최소 입찰가인 $1.00 요건을 준수하여 상장 유지를 위한 것입니다. 주식은 'SXTP'로 계속 거래되며 새로운 CUSIP 번호는 83006G401입니다.
이 비율 분할은 현재의 다섯 주식을 자동으로 하나의 새로운 주식으로 변환합니다. 미결 주식 보상, 워런트, 전환 사채 및 주식 인센티브 계획에 따라 비례 조정이 이루어질 것입니다. 이 분할은 액면가, 승인된 주식 수 또는 주주 소유 비율을 변경하지 않습니다. 분할된 주식은 발행되지 않으며, 모두 다음 전체 주식으로 반올림됩니다.
주주는 아무 조치를 취할 필요가 없으며, 보유 주식은 자동으로 조정됩니다. 회사는 최소 입찰 요건을 충족할 것이라는 보장이 없다고 언급했습니다.
60 Degrees Pharmaceuticals (NASDAQ: SXTP) a annoncé un fractionnement inversé d'actions 1 pour 5 de ses actions ordinaires, effectif à partir du 24 février 2025. Le but principal est de respecter l'exigence de prix d'offre minimum de $1,00 de Nasdaq pour maintenir la cotation. Les actions continueront à être négociées sous 'SXTP' avec un nouveau numéro CUSIP 83006G401.
Le fractionnement inversé convertira automatiquement chaque cinq actions actuelles en une nouvelle action. Des ajustements proportionnels seront effectués pour les récompenses d'actions en circulation, les bons de souscription, les obligations convertibles et les actions dans le cadre des plans d'incitation en actions. Le fractionnement ne modifiera pas la valeur nominale, le nombre d'actions autorisées ou le pourcentage de propriété des actionnaires. Aucune action fractionnaire ne sera émise ; toutes seront arrondies à l'action entière suivante.
Les actionnaires n'ont pas besoin de prendre de mesures, car leurs positions seront automatiquement ajustées. La société note qu'il n'y a aucune garantie de répondre à l'exigence de prix d'offre minimum.
60 Degrees Pharmaceuticals (NASDAQ: SXTP) hat einen 1-für-5 Aktienrücksplit ihrer Stammaktien angekündigt, der am 24. Februar 2025 wirksam wird. Der Hauptzweck besteht darin, die Mindestgebotsanforderung von $1,00 von Nasdaq zu erfüllen, um die Listung aufrechtzuerhalten. Die Aktien werden weiterhin unter 'SXTP' gehandelt, mit einer neuen CUSIP-Nummer 83006G401.
Der Rücksplit wird automatisch jede fünf bestehenden Aktien in eine neue Aktie umwandeln. Proportionale Anpassungen werden an ausstehenden Aktienoptionen, Warrants, wandelbaren Anleihen und Aktien im Rahmen von Aktienanreizplänen vorgenommen. Der Split wird den Nennwert, die genehmigte Aktienanzahl oder den prozentualen Eigentumsanteil der Aktionäre nicht verändern. Es werden keine Bruchstücke von Aktien ausgegeben; alle werden auf die nächste ganze Aktie aufgerundet.
Aktionäre müssen keine Maßnahmen ergreifen, da ihre Positionen automatisch angepasst werden. Das Unternehmen weist darauf hin, dass es keine Garantie gibt, die Mindestgebotsanforderung zu erfüllen.
- No shareholder action required for the reverse split process
- Maintains Nasdaq listing compliance potential
- Fractional shares will be rounded up, benefiting shareholders
- No guarantee of meeting Nasdaq's minimum bid requirement
- Indicates underlying share price weakness
- Could signal potential delisting risk if price requirements aren't met
Insights
This 1:5 reverse stock split represents a critical defensive move for 60 Degrees Pharmaceuticals, but investors should understand its broader implications. With the current stock price at
However, reverse splits often signal underlying financial challenges. Historical market data shows that companies implementing reverse splits frequently experience continued downward pressure on their stock price post-split. This phenomenon occurs because the fundamental business challenges that led to the low stock price typically remain unaddressed by the split itself.
Several technical aspects warrant attention:
- The company's market capitalization of
$3.85 million remains unchanged post-split - The rounding up of fractional shares could marginally benefit small stockholders
- The automatic adjustment of convertible securities maintains relative value but could create more complex trading dynamics
The timing is particularly noteworthy - the company secured shareholder approval in November 2024 but waited until now to implement, suggesting careful consideration of market conditions. While this buys time for Nasdaq compliance, the company needs to demonstrate fundamental business improvements to maintain the post-split price level. The lack of guarantee regarding meeting the minimum bid requirement in the announcement itself serves as a sobering reminder of the challenges ahead.
WASHINGTON, Feb. 20, 2025 (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-5 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 November 6, 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-3 and 1-for-5 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 February 10, 2025, the Company’s Board of Directors approved a 1-for-5 reverse split ratio and on February 18, 2025, the Company filed a Certificate of Amendment to its Certificate of Incorporation to effect the Reverse Stock Split.
The 1-for-5 reverse stock split will automatically combine and convert five 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 website 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.
Media Contact:
Sheila A. Burke
SheilaBurke-consultant@60degreespharma.com
(484) 667-6330
Investor Contact:
Patrick Gaynes
patrickgaynes@60degreespharma.com
FAQ
When will SXTP's 1-for-5 reverse stock split take effect?
What happens to SXTP shareholders' fractional shares after the reverse split?
Why is SXTP implementing a reverse stock split?
Will SXTP shareholders need to take any action for the reverse split?
Does the SXTP reverse split change shareholders' ownership percentage?
