60 Degrees Pharmaceuticals (NASDAQ:SXTP) stock is on the rise Thursday following the company’s public debut yesterday.
The public launch of SXTP stock saw the company offering up to 1,415,095 units at a price of $5.30 each. Each of these units contains one share of the company’s stock, as well as a tradeable warrant for another share and one non-tradable warrant.
60 Degrees notes that it raised $7.5 million of gross proceeds from the IPO. Also, the exercise price for the warrants is $6.095 per share for the tradeable ones and $6.36 per share for the non-tradeable ones.
In addition to this, underwriters have the option to acquire additional shares of SXTP stock, as well as warrants. This gives them 45 days after the IPO to acquire these, and they can buy up to 15% of units sold in the offering.
SXTP Stock Movement
Investors will note that SXTP didn’t do so hot during its public debut yesterday. Instead, the company’s shares were down 11.4% when markets closed on Wednesday. That came alongside roughly 3.6 million shares changing hands.
For comparison, shares of SXTP stock are regaining that lost ground Thursday morning with a 16.5% rally. With that comes some 1.6 million shares changing hands as of this writing.
60 Degrees Pharmaceuticals focuses on developing and marketing new medicines for the treatment and prevention of infectious diseases. It was founded in 2010, and its malaria prevention product ARAKODA got approval back in 2018.
Investors seeking more of the most recent stock market news on Thursday morning will want to keep reading!
InvestorPlace is home to all of the hottest stock market news that traders will want to read about on Thursday! Among that is what’s sending shares of Jiuzi (NASDAQ:JZXN) stock higher, the biggest pre-market stock movers this morning, and more. You can catch up on all of these matters at the links below!
More Thursday Stock Market News
- Why Is Jiuzi (JZXN) Stock Up 71% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Thursday
- ALCC Stock: The New ChatGPT Is About to Start Trading
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
