Company: SXTPW
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001013762-25-003343
Chunk: 755

Company: 60 DEGREES PHARMACEUTICALS, INC.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 2
Chunk 755
---
 & Wang
Note in the amount of $111,111.10 to Bixi Gao & Ling Ling Wang with a 10% original issue discount. On the date of the pricing of
our initial public offering, we delivered to Bixi Gao & Ling Ling Wang shares of our common stock equal to the number of shares of
our common stock calculated using a share price of the IPO price.

The notes described above were deemed exempt
from registration in reliance on Section 4(a)(2) of the Securities Act or Regulation D promulgated thereunder in that the issuance of
securities were made to an accredited investor and did not involve a public offering. The recipients of such securities represented its
intention to acquire the securities for investment purposes only and not with a view to or for sale in connection with any distribution
thereof.

Preferred
Stock

    ●
    On July
    14, 2023, we converted the accumulated interest from the debt owed to Knight into 80,965 shares of our Series A Preferred Stock,
    of which were issued to Knight.

The issuance of shares of Series A Preferred
Stock listed above was deemed exempt from registration under Section 4(a)(2) of the Securities Act or Regulation D promulgated thereunder
in that the issuance of securities did not involve a public offering.

44

2022 Equity Incentive Plan

On November 22, 2022, the Board and majority
stockholder adopted the 60 Degrees Pharmaceuticals, Inc. 2022 Equity Incentive Plan (the “2022 Plan”). The 2022 Plan provides
for the grant of the following types of stock awards: (i) incentive stock options, (ii) nonstatutory stock options, (iii) stock appreciation
rights, (iv) restricted stock awards, (v) restricted stock unit awards and (vi) other stock awards. The 2022 Plan is intended to help
us secure and retain the services of eligible award recipients, provide incentives for such persons to exert maximum efforts for our
success and any of our affiliates and provide a means by which the eligible recipients may benefit from increases in value of the common
stock. Initially, the Board reserved 3,977 shares of common stock issuable upon the grant of awards under the 2022 Plan. The 2022 Plan
provides for an automatic increase in the number of shares available for issuance beginning on January 1, 2023 and each January 1 thereafter