60 Degrees Pharmaceuticals, Inc. Regains Compliance with Nasdaq Listing Requirements

Rhea-AI Summary

60 Degrees Pharmaceuticals, Inc. (NASDAQ: SXTP; SXTPW), a company focused on developing new medicines for infectious diseases, has regained compliance with Nasdaq's minimum bid price requirement. The company received written notice from Nasdaq on August 26, 2024, confirming its compliance with the Minimum Bid Price Requirement set forth in Nasdaq Listing Rule 5550(a)(2).

60P had been notified of non-compliance on February 27, 2024, as its common stock failed to maintain a minimum bid price of $1.00 for 30 consecutive business days. To regain compliance, the company needed to maintain a minimum closing bid price of $1.00 or more for at least 10 consecutive trading days. This was achieved between August 12, 2024, and August 23, 2024, with the company's closing price reaching $1.81 on August 23, 2024.

Positive

• Regained compliance with Nasdaq's minimum bid price requirement
• Stock price increased to $1.81 on August 23, 2024, from below $1.00

Negative

• None.

Insights

Financial Analyst

This news signifies a positive development for 60 Degrees Pharmaceuticals, Inc. (SXTP). Regaining compliance with Nasdaq's listing requirements is important for maintaining investor confidence and market visibility. The company's ability to meet the $1.00 minimum bid price for 10 consecutive trading days demonstrates improved market perception and potential stability.

Notably, the closing price of $1.81 on August 23, 2024, represents a significant 81% premium over the minimum requirement. This could indicate stronger investor interest and potentially improved liquidity for the stock. However, investors should remain cautious and monitor the stock's performance to ensure sustained compliance, as falling below the threshold again could lead to delisting concerns.

Market Research Analyst

SXTP's compliance recovery reflects positively on the broader pharmaceutical sector, particularly for small-cap companies focused on infectious diseases. The successful maintenance of the required stock price suggests:

• Potential market recognition of the company's value proposition
• Possible increase in investor confidence in the company's pipeline or business model
• Enhanced ability to attract institutional investors who often have minimum price requirements

However, it's important to note that while regaining compliance is positive, it doesn't necessarily indicate improved fundamentals. Investors should closely examine SXTP's financial health, pipeline progress and market potential before making investment decisions based solely on this regulatory compliance news.

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

FAQ

When did 60 Degrees Pharmaceuticals (SXTP) regain compliance with Nasdaq listing requirements?

60 Degrees Pharmaceuticals (SXTP) regained compliance with Nasdaq listing requirements on August 26, 2024, as confirmed by a written notice from Nasdaq.

What was the minimum bid price requirement that SXTP had to meet?

SXTP had to maintain a minimum closing bid price of $1.00 or more for at least 10 consecutive trading days to regain compliance with Nasdaq's listing requirements.

What was SXTP's closing stock price on August 23, 2024?

SXTP's closing stock price on August 23, 2024, was $1.81.

When was SXTP initially notified of non-compliance with Nasdaq's minimum bid price requirement?

SXTP was initially notified of non-compliance with Nasdaq's minimum bid price requirement on February 27, 2024.