Altamira Therapeutics Ltd, a dedicated player in the field of therapeutic development aimed at addressing critical unmet medical needs, made a significant announcement today regarding its compliance with the stringent listing requirements of Nasdaq. The company revealed that it has received a notification letter from the Listing Qualifications Department of the Nasdaq Stock Market, indicating that Altamira Therapeutics is now in adherence to the minimum stockholders’ equity requirement as prescribed by Nasdaq Listing Rule 5550(b)(1) for the maintenance of its listing status on Nasdaq. This positive development has resulted in a remarkable surge in Altamira Therapeutics’ stock value.
At the time of this publication, Altamira Therapeutics Ltd stock (CYTO) has witnessed a surge.
Altamira Therapeutics Ltd
Current Price: $0.51
Change : +0.28
Change (%): (122.57%)
Volume: 73.3M
Source: Tomorrow Events Market Data
The company’s efforts to bolster its equity position played a pivotal role in achieving this milestone. Altamira Therapeutics strategically navigated through various financial maneuvers, including a public offering of common shares in July, the partial amortization of convertible debt facilitated by FiveT Investment Management, and the recent partial spin-off of its Bentrio® activities.
The noteworthy Bentrio transaction involved the divestiture of a 51% stake in its subsidiary, Altamira Medica AG (“Medica”), marking a strategic pivot for Altamira Therapeutics toward becoming an RNA delivery technology company. Bentrio, an over-the-counter nasal spray devoid of drugs, is designed for the effective treatment of allergic rhinitis. This transaction was successfully concluded on November 21, 2023, resulting in Altamira Therapeutics receiving a cash consideration of CHF 2,040,000 (approximately $2.3 million).
Importantly, Altamira Therapeutics still maintains a 49% stake in Medica, which will be consolidated as an ‘associated company.’ As part of this arrangement, Altamira Therapeutics is entitled to receive 25% of Medica’s future licensing income.
The Nasdaq Stock Market will continue to closely monitor Altamira Therapeutics’ ongoing compliance with the stockholders’ equity requirement. The next evaluation is slated to coincide with the publication of the company’s year-end 2023 balance sheet on Form 20-F, scheduled for early April 2024.
This development underscores Altamira Therapeutics’ commitment to strategic financial management and compliance with regulatory requirements. Investors have responded positively to the news, reflected in the substantial increase in the company’s stock value.
Altamira Therapeutics, with its recent achievements and strategic positioning, is poised to further advance its mission in addressing crucial unmet medical needs through innovative therapeutics and RNA delivery technologies. The forthcoming periodic report in April 2024 will be a pivotal moment for stakeholders, offering a comprehensive insight into the company’s financial standing and future trajectory.
