Company: SXTPW
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001013762-25-003343
Chunk: 315

Company: 60 DEGREES PHARMACEUTICALS, INC.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1A
Chunk 315
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 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 $3,414,502,
after deducting placement agent fees and offering expenses.

The September 2024 Pre-Funded Warrants have an
exercise price of $0.005 per share and were immediately exercisable on September 5, 2024 and may be exercised at any time until exercised
in full. The Series A and Series B Warrants have an exercise price of $6.90 per share and were exercisable beginning on the effective
date of stockholder approval to approve the issuance of the shares underlying the Series A and Series B Warrants and the September 2024
Agent Warrants, defined below, to comply with applicable listing rules and regulations of the Nasdaq Stock Market (“Stockholder
Approval”), which was later received on November 6, 2024 (