Company: SXTPW
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001013762-25-003343
Chunk: 145

Company: 60 DEGREES PHARMACEUTICALS, INC.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1
Chunk 145
---
, respectively, resulting in aggregate cash proceeds to the Company of $537.

Common Stock Warrants

As of December 31, 2024, the Company accounts
for all issued and outstanding warrants to purchase common stock as equity-classified instruments based on the guidance in ASC 480 and
ASC 815.

In May 2022 and May 2023, in connection with
the issuance of the Related Party Notes and the 2022 and 2023 Bridge Notes as described in Note 7, the Company issued five-year warrants
to each of the noteholders with an exercise price dependent on the IPO price (collectively, the “Bridge Warrants”). The number
of shares issuable upon exercise of the warrants was contingent on the number of shares issued upon conversion of the notes following
the Company’s IPO. As of the closing of the Company’s IPO, the Bridge Warrants became exercisable into an aggregate of 3,870
shares of the Company’s common stock, 1,333 of which have an exercise price of $286.20 (90% of the IPO price), and 2,537 with an
exercise price of $349.80 (110% of the IPO Price). Prior to the IPO, the Bridge Warrants were classified as derivative liabilities in
accordance with the provisions of ASC 815 and were carried at their respective fair values. (See Note 8). In connection with the IPO,
the terms of the Bridge Warrants became fixed. The Company determined the event resulted in equity classification for the Bridge Warrants
and, accordingly, the Company remeasured the warrant liabilities to fair value and reclassified the warrants to additional paid-in capital. 

On September 4, 2024, the Company entered into
a Securities Purchase Agreement with an institutional investor, agreeing to issue and sell in a private placement offering (the “Private
Placement”) (i) pre-funded warrants to purchase 579,711 shares of common stock (the “September 2024 Pre-Funded Warrants”),
(ii) series A warrants to purchase 579,711 shares of common stock (the “Series A Warrants”), and (iii) series B warrants
to purchase 579,711 shares of common stock (the “Series B Warrants) at a price of $6.895 per Pre-Funded Warrant and accompanying
Series A and Series B Warrants. The Private Placement closed on September 5, 2024, generating net proceeds to the Company of