60 Degrees Pharmaceuticals, Inc., (NASDAQ: SXTP; SXTPW) ("60P" or
the "Company"), specialists in developing and marketing medicines
for infectious diseases, announced today the pricing of its initial
public offering of 1,415,095 units (each, a "Unit," collectively,
the "Units") at a price of $5.30 per Unit for a total of
approximately $7.5 million of gross proceeds to the Company. Each
Unit is comprised of one share of the Company's common stock, one
tradeable warrant (each, a "Tradeable Warrant," collectively, the
"Tradeable Warrants") to purchase one share of common stock at an
exercise price of $6.095 per share, and one non-tradeable warrant
(each, a "Non-tradeable Warrant," collectively, the "Non-tradeable
Warrants"; together with the Tradeable Warrants, each, a "Warrant,"
collectively, the "Warrants") to purchase one share of the
Company's common stock at an exercise price of $6.36.
The shares and Tradeable Warrants are expected to begin trading
on the Nasdaq Capital Market on July 12, 2023, under the symbols
"SXTP" and "SXTPW," respectively. The offering is expected to close
on or about July 14, 2023, subject to customary closing
conditions.
The underwriters have been granted an option, exercisable within
45 days after the closing of this offering, to purchase shares of
the Company's common stock at a price of $5.28 per share and/or
Tradeable Warrants at a price of $0.01 per Tradeable Warrant,
and/or Non-tradeable Warrants at $0.01 per Non-tradeable Warrant,
or any combination of additional shares of common stock and
Warrants representing, in the aggregate, up to 15% of the number of
Units sold in this offering, in all cases less the underwriting
discount.
WallachBeth Capital LLC is the Sole Bookrunner for the
offering.
The offering is being made only by means of a prospectus. A copy
of the final prospectus related to the offering may be obtained,
when available, from WallachBeth Capital, LLC, via email:
cap-mkts@wallachbeth.com, or by calling +1 (646) 237-8585, or by
standard mail at WallachBeth Capital LLC, Attn: Capital Markets,
185 Hudson St., Suite 1410, Jersey City, NJ 07311, USA. In
addition, a copy of the final prospectus, when available, relating
to the offering may be obtained via the Securities and Exchange
Commission’s ("SEC") website at www.sec.gov.
A registration statement on Form S-1, as amended (File No.
333-269483), relating to these securities was filed with the SEC
and was declared effective on July 11, 2023. This press release
shall not constitute an offer to sell or the solicitation of an
offer to buy these securities, nor shall there be any sale of these
securities in any state or jurisdiction in which such offer,
solicitation, or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
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. 60P successfully achieved FDA approval of its lead
product, ARAKODA®
(tafenoquine), for malaria prevention, in 2018.
60P also collaborates with prominent research organizations in the
U.S., Australia and Singapore. 60P’s mission has been supported
through in-kind funding from the United States Department of
Defense and private investment from Knight Therapeutics Inc., a
Canadian-based pan-American specialty pharmaceutical company. 60P
is headquartered in Washington D.C., with a majority-owned
subsidiary in Australia. Learn more at www.60degreespharma.com.
Forward-Looking Statements
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.
Factors or events that could cause our actual results to differ may
emerge from time to time, and it is not possible for us to predict
all of them. The statements expressed herein are those only of
60P.
Forward-looking terminology, such as "may," "will," "should,"
"expect," "anticipate," "project," "estimate," "intend," "continue"
or "believe" or the negatives thereof, or other variations thereon
or comparable terminology, may discuss our plans, strategies,
prospects and expectations concerning our business, operating
results, financial condition, and other similar matters. However,
we are not able to predict accurately or control these matters. Any
forward-looking statement made by us in this press release speaks
only as of the date on which we make it. We undertake no obligation
to update or revise publicly any forward-looking statements,
whether as a result of new information, future events, or
otherwise, except as required by law.
Media Contact:Sheila A. BurkeMethod Health
Communicationsmethodhealthcomms@gmail.com(484) 667-6330
Investor Contact:Patrick
Gaynespatrickgaynes@60degreespharma.com(310) 989-5666
60 Degrees Pharmaceuticals (NASDAQ:SXTP)
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60 Degrees Pharmaceuticals (NASDAQ:SXTP)
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