Company: SXTPW
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001013762-25-003343
Chunk: 150

Company: 60 DEGREES PHARMACEUTICALS, INC.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1
Chunk 150
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 of the outstanding
shares of common stock on an as-converted basis. The “Conversion Price” is equal to the lesser of (a) the Liquidation Value,
(b) the offering price per share of Common Stock in the Company’s IPO, as adjusted for the 1:12 Reverse Stock Split after August
12, 2024 and the 1:5 Reverse Stock Split after February 24, 2025, or $300 per share or (c) the 10-day volume weighted average price per
share of Common Stock, as reasonably determined by the Company.

7.
DEBT

Knight Therapeutics, Inc.

On December 27, 2019 the Company restructured
its cumulative borrowing with its senior secured lender, Knight Therapeutics, Inc. (‘Knight’), into a note for the principal
amount of $6,309,823 and accrued interest of $4,160,918 and a debenture of $3,483,851 (collectively, the ‘Knight Loan’).
The Knight Loan had a maturity date of December 31, 2023. The principal and accrued interest portion of the Knight Loan bore an annual
interest rate of 15%, compounded quarterly, whereas the debenture had a 9% interest rate until April 23, 2023 at which point interest
ceased accruing. In January 2023, the Company and Knight executed the Knight Debt Conversion Agreement, pursuant to which the parties
agreed to add a conversion feature to the cumulative outstanding Knight Loans, which was accounted for as a debt extinguishment, described
further below.

Note, including Amendment

The Company executed a promissory note (the “Note”)
with an individual investor on October 11, 2017, later amended on December 11, 2022 (the “Amendment”). The Note, including
the Amendment was set to mature 60 days after the Knight Loans were repaid, and contained a provision to automatically convert the outstanding
principal and accumulated interest through March 31, 2022 into common shares in the event the Company consummated an IPO. Amortization
of the discount on the Note, including the Amendment for the years ended December 31, 2024 and 2023 was $0 and $52,628, respectively.
Interest expense related to the Note, including the Amendment, for the years ended December 31, 2024 and 2023 was $0 and $66,558, respectively