Shares of 60 Degrees Pharmaceuticals Inc (NASDAQ:SXTP) tumbled 22.4% on Monday following written notification from Nasdaq that the exchange's staff has determined to delist the company's common stock and warrants from The Nasdaq Capital Market.
In a notice dated January 20, 2026, Nasdaq's Listing Qualifications Department said the company failed to maintain a minimum bid price of $1.00 per share for 30 consecutive business days, in violation of Nasdaq Listing Rule 5550(a)(2).
While companies that fall below the $1.00 threshold are typically afforded a 180-day compliance period to regain compliance, Nasdaq staff found 60 Degrees Pharmaceuticals ineligible for that extension because the company completed a 1-for-5 reverse stock split on February 24, 2025 - an action that occurred within the preceding one-year period. That timing, according to the notice, precludes the usual compliance window in this case.
The delisting notice also covers the company's outstanding warrants. Nasdaq Listing Rule 5560(a) requires that instruments such as warrants must have the underlying security listed on Nasdaq, and the staff determined the warrants are therefore subject to delisting alongside the common stock.
60 Degrees Pharmaceuticals has paid the required $20,000 hearing fee and asked Nasdaq's Listing and Hearing Review Panel to review the staff's determination. The filing of that appeal triggers a stay that halts both the suspension of trading and the submission of Form 25-NSE while the Panel's decision is pending. The company emphasized in its disclosure that there is no guarantee the Panel will allow continued listing.
The notice and appeal process outlined by Nasdaq frames the immediate procedural path for the company: an administrative review that pauses delisting actions temporarily but leaves the ultimate outcome uncertain. The company has followed the formal steps available under Nasdaq rules to seek reversal or mitigation of the staff's determination.
Context and implications
Because Nasdaq's determination ties directly to a failure to meet an explicit minimum bid price threshold and to a reverse split undertaken within the past year, the company's eligibility for the standard 180-day cure period is affected under Nasdaq regulations cited in the notice. The delisting notice therefore centers on two discrete issues identified by Nasdaq staff: sustained sub-$1 trading and the recent capital-structure action that alters compliance treatment.
As a result of the appeal and fee payment, immediate trading suspension and regulatory removal are paused while the Listing and Hearing Review Panel evaluates the request. However, the company itself has signaled that there is no certainty the appeal will succeed.