Company: SXTPW
Filing Date: 2025-02-14
Form Type: S-1
Source: 0001213900-25-014334
Chunk: 310

Company: 60 DEGREES PHARMACEUTICALS, INC.
Filing Date: 2025-02-14
Form: S-1
Chunk 310
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 which provide the individuals the right to an aggregate of 740,000stock options that are subject to shareholder approval to increase the number of shares available under the 2022 Plan. These options are subject to vesting annually over five years with the first vesting date being December 31, 2024, and have an exercise price that was initially equal to the closing share price on the date of the IPO and later amended to $ 1.00per share. Pursuant to the directors’ agreements described in Note 12, the agreements provide for the issuance of an aggregate of 30,188stock options to our directors with an exercise price of $ 5.30per share, vesting 100% on July 11, 2024, also contingent on the receipt of shareholder approval. For accounting and disclosure purposes, no fair value has been ascribed to these stock option awards as no grant date (as defined in ASC 718) has been established.

Restricted Stock Units

The following table summarizes the Company’s RSU activity for the year ended December 31, 2023:

| Unvested balance, December 31, 2022 |     | Number   
 of Units |        - |   |     | Weighted        
 Average Grant   
 Date Fair Value |    - |
|:------------------------------------|:----|:---------|---------:|:--|:----|:----------------|-----:|
| Granted                             |     |          |  256,000 |   |     |                 | 0.87 |
| Vested                              |     |          | (256,000 | ) |     |                 | 0.87 |
| Forfeited                           |     |          |        - |   |     |                 |    - |
| Unvested balance,                   
 December 31, 2023                   |     |          |        - |   |     | $               |    - |

During the year ended December 31, 2023, the Company granted 256,000RSUs to employees, non-employees, and Directors. The Company recognized $ 222,480of compensation expense related to vested RSUs for the year ended December 31, 2023 ( $0for the year ended December 31, 2022). During the year ended December 31, 2023, 256,000shares of common stock underlying RSUs vested. These shares are excluded from the number of shares outstanding at December 31, 2023, as