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60 Degrees Pharmaceuticals, Inc. (NASDAQ:SXTP), currently trading at $1.56 and showing significant volatility in recent months, announced the results of its 2025 Annual Stockholders Meeting, held virtually on October 8. The company, which has seen its stock price decline nearly 75% year-to-date according to InvestingPro data, gathered stockholders to vote on five proposals.
As of the August 29 record date, the company had 4,104,469 shares of common stock outstanding. At the meeting, holders of 1,658,818 shares, representing about 40% of outstanding shares, were present in person or by proxy, constituting a quorum.
Stockholders elected five directors to serve until the 2026 annual meeting. The elected directors and their respective votes for and against were as follows:
- Geoffrey Dow: 487,937 for, 45,962 against, with 1,124,919 broker non-votes
- Charles Allen: 489,104 for, 44,795 against, with 1,124,919 broker non-votes
- Cheryl Xu: 472,646 for, 61,253 against, with 1,124,919 broker non-votes
- Stephen Toovey: 473,602 for, 60,297 against, with 1,124,919 broker non-votes
- Paul Field: 473,886 for, 60,013 against, with 1,124,919 broker non-votes
All director nominees were approved.
Stockholders also approved an amendment to the 2022 Equity Incentive Plan to increase the number of shares available for issuance by 250,000 shares. The proposal received 419,046 votes for, 111,332 votes against, and 3,521 abstentions.
A proposal to amend the certificate of incorporation to authorize a reverse stock split at a ratio between 1-for-3 and 1-for-10, at the discretion of the board, was approved with 1,251,152 votes for, 401,118 against, and 6,548 abstentions. The move comes as InvestingPro data shows the company’s stock trading well below its 52-week high of $12.45, with rapid cash burn and negative EBITDA of -$7.63M in the last twelve months. InvestingPro subscribers have access to 13 additional key insights about SXTP’s financial health and market position.
The selection of RBSM LLP as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2025 was ratified, receiving 1,440,287 votes for, 40,287 against, and 177,704 abstentions.
Finally, stockholders approved a proposal to adjourn the meeting if necessary to solicit additional proxies, with 1,387,064 votes for, 262,466 against, and 9,288 abstentions. Looking ahead, investors should note that SXTP’s next earnings report is scheduled for November 14, 2025, which will be crucial given the company’s current financial metrics showing a gross profit margin of 18.19% and significant volatility in its stock performance.
All proposals presented at the meeting were approved by the required majority of shares represented and entitled to vote. The information is based on a press release statement and the company’s SEC filing.
In other recent news, 60 Degrees Pharmaceuticals , Inc. announced the closing of a public offering that raised $5 million in gross proceeds. The offering included 2,631,578 shares of common stock and accompanying warrants, priced at $1.90 per share. The company also revealed plans to commence a Phase 2 trial named B-FREE Chronic Babesiosis Study, focusing on the efficacy and safety of ARAKODA (tafenoquine) for chronic babesiosis. This trial will be conducted in collaboration with the Icahn School of Medicine at Mount Sinai. Additionally, 60 Degrees Pharmaceuticals has entered into a research agreement with Tulane University to study tafenoquine’s potential against Lyme disease and Bartonella bacteria. The company estimates a significant commercial market for its babesiosis treatment, projecting potential annual sales of $245 million. These projections were informed by a survey and research study conducted by Format Analytics.
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