Shares of 60 Degrees Pharmaceuticals Inc (NASDAQ:SXTP) sank 22.4% on Monday after the company said it had received a notice from Nasdaq indicating that its securities no longer meet listing requirements.
The drug developer disclosed that it was notified on January 20, 2026 by Nasdaq’s Listing Qualifications Department that staff had determined to delist the company’s common shares and warrants from The Nasdaq Capital Market.
Nasdaq said the decision was based on the company’s failure to maintain a minimum bid price of $1.00 for at least 30 consecutive business days, putting it in breach of Nasdaq Listing Rule 5550(a)(2). While issuers are often given up to 180 days to regain compliance, Nasdaq staff concluded that 60 Degrees Pharmaceuticals does not qualify for a grace period because it carried out a 1-for-5 reverse stock split on February 24, 2025, within the past year.
The company’s warrants are also facing removal under Nasdaq Listing Rule 5560(a), which requires the underlying common stock to remain listed on the exchange.
60 Degrees Pharmaceuticals said it has paid the $20,000 hearing fee and formally requested an appeal before a Nasdaq panel. This request temporarily halts the suspension of trading and the filing of Form 25-NSE while the appeal is under review. However, the company cautioned that there is no guarantee the panel will approve continued listing.