60 Degrees Pharmaceuticals (SXTP) announced that it will effect a 1-for-5 reverse stock split of its common stock. The common stock will continue to trade on The Nasdaq Capital Market under the existing symbol “SXTP” and will begin trading on a split-adjusted basis when the market opens on February 24. The reverse stock split is primarily intended to bring the company into compliance with The Nasdaq Stock Market’s $1.00 minimum bid price requirement for maintaining its Nasdaq listing. “There is no guarantee the company will meet the minimum bid price requirement,” the company stated.
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