60 Degrees Pharmaceuticals Announces $1.0M Private Placement Financing

What Happened

• 60 Degrees Pharmaceuticals, Inc. (SXTP) announced it closed a private placement on July 31, 2026 under a Securities Purchase Agreement with institutional investors to raise approximately $1.0 million in gross proceeds.
• The offering included 191,571 shares of common stock at $1.74 per share, pre‑funded warrants to purchase up to 383,142 shares (priced at $1.739 each, $0.001 exercise price), and Series A and Series B common warrants to purchase up to 574,413 shares each (common warrants exercisable at $1.49 per share). The combined per‑share purchase price was $1.74 (pre‑funded price was $0.001 less).
• The Company also issued placement agent warrants to H.C. Wainwright & Co. to buy up to 43,103 shares at a $2.175 exercise price (5‑year term from the registration Effective Date). H.C. Wainwright acted as exclusive placement agent.

Key Details

• Gross proceeds: approximately $1.0 million (before placement agent fees and expenses).
• Closing date: July 31, 2026; pricing announced in a July 30, 2026 press release.
• Placement agent compensation: cash fee = 7.5% of gross proceeds; management fee = 1.0%; reimbursement of $25,000 non‑accountable and $25,000 accountable expenses.
• Warrant mechanics: Pre‑funded warrants exercisable upon issuance at $0.001 until fully exercised; Common Warrants exercise price $1.49; Series A warrants expire 5 years from registration Effective Date; Series B warrants expire 24 months from Effective Date. Beneficial ownership limitation prevents exercise that would push a holder over 4.99% (or 9.99% if elected pre‑issuance).

Why It Matters

• This financing provides near‑term cash (≈$1.0M before fees) to support working capital, general operations and R&D, but dilutes existing shareholders when shares/warrants are exercised.
• Placement agent fees and issued agent warrants reduce net proceeds and add potential future dilution.
• The Registration Rights Agreement requires the company to file registration statements for resale of shares issuable upon warrant exercise (effective within 45 days of July 30, 2026, or 75 days if the SEC conducts a full review), which will affect when those shares can be freely traded.
• Investors should note the exercise prices, expiration timelines and beneficial ownership limits on the warrants when assessing potential dilution and timing of future share issuance.