60 Degrees Pharmaceuticals Closes $4M Private Placement Under Nasdaq Rules

60 Degrees Pharmaceuticals, Inc. (NASDAQ: SXTP; SXTPW), a company specializing in developing treatments for infectious diseases, recently concluded its private placement of approximately 2.9 million shares of common stock and accompanying warrants. Priced at $1.38 per share, the deal included both series A and short-term series B warrants, each allowing the purchase of additional shares at the same price. The series A warrants will expire five years after stockholder approval, whereas the series B warrants will expire after 18 months. H.C. Wainwright & Co. served as the exclusive placement agent for this transaction.

The private placement generated gross proceeds of around $4 million for 60 Degrees Pharmaceuticals, excluding fees and expenses. The company plans to allocate the net proceeds towards working capital, general operations, commercialization activities for its product Arakoda, and ongoing research and development efforts.

The securities offered in this private placement were issued under Section 4(a)(2) of the Securities Act of 1933 and Regulation D. Consequently, these securities are not registered and cannot be sold in the U.S. without either an effective registration statement or an applicable exemption from registration requirements.

60 Degrees Pharmaceuticals, Inc., established in 2010 and headquartered in Washington D.C., focuses on developing and marketing new medications for infectious diseases. The company achieved FDA approval for its primary product, Arakoda (tafenoquine), in 2018 for malaria prevention. It collaborates with research organizations in the U.S., Australia, and Singapore, and has received support from the U.S. Department of Defense and private investors like Knight Therapeutics Inc. The company also has a majority-owned subsidiary in Australia.

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