Summary by Futu AI
60 Degrees Pharmaceuticals, Inc., a pharmaceutical company specializing in infectious disease treatments, has regained compliance with Nasdaq's minimum bid price requirement. The company, which is based in Washington D.C. and has a subsidiary in Australia, was previously notified by Nasdaq on February 27, 2024, that its common stock did not maintain the required minimum bid price of $1.00 for 30 consecutive business days. However, between August 12, 2024, and August 23, 2024, the company's stock price consistently closed at or above $1.00, satisfying the Nasdaq Listing Rule 5550(a)(2). The closing price on August 23, 2024, was reported at $1.81. Following this achievement, 60 Degrees Pharmaceuticals issued a press release on August 28, 2024, to announce its compliance with the Bid Price Rule. The company, founded in 2010, is known for its FDA-approved malaria prevention drug, ARAKODA® (tafenoquine), and collaborates with research organizations in the U.S., Australia, and Singapore. It has received support from the U.S. Department of Defense and private investors, including Knight Therapeutics Inc.