60 Degrees Pharmaceuticals, Inc. (SXTP), a pharmaceutical company focused on infectious diseases, on Wednesday announced it has entered into definitive agreements for the purchase and sale of 1.5 million shares of its common stock for $0.72 per share in a registered direct offering, priced at-the-market under Nasdaq rules.
Additionally, the company will issue unregistered short-term warrants to purchase up to 1.5 million shares of common stock in a concurrent private placement.
The short-term warrants have an exercise price of $0.59 per share and will expire 24 months after issuance.
The aggregate gross proceeds from the offering are expected to be $1.1 million, with the funds primarily allocated for working capital and other general corporate purposes.
The offering is expected to close on or about February 6, 2025.
Currently, SXTP is trading at $0.03 up by 62.39%.
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