Company: SXTPW
Filing Date: 2025-03-27
Form Type: S-1/A
Source: 0001013762-25-003353
Chunk: 234

Company: 60 DEGREES PHARMACEUTICALS, INC.
Filing Date: 2025-03-27
Form: S-1/A
Chunk 234
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436. F-21

On December 10, 2024 and December 11, 2024, the Company issued 50,800shares and 56,600shares of common stock, respectively, upon the exercise of 50,800and 56,600September 2024 Pre-Funded Warrants, 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 3,870shares of the Company’s common stock, 1,333of which have an exercise price of $ 286.20( 90% of the IPO price), and 2,537with 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 579,711shares of common stock (the “September 2024 Pre-Funded Warrants”), (ii) series A warrants to purchase 579,711shares of common stock (the “Series A Warrants”), and (iii) series B warrants to purchase 579,711shares of common stock