Altamira Therapeutics Announces Reverse Stock Split
Altamira Therapeutics Ltd. (NASDAQ:CYTO) announced a 1-for-20 reverse stock split, effective October 25, 2022, to meet NASDAQ's $1.00 minimum bid price requirement. This action will consolidate every 20 shares into one, reducing the total shares outstanding from approximately 21.5 million to about 1.1 million. The reverse split will not affect the percentage ownership or voting rights of shareholders. The authorized common shares will decrease to 5 million, with a new par value of CHF 0.20 per share, while fractional shares will be compensated in cash.
- Reverse stock split enhances compliance with NASDAQ minimum bid price requirement.
- Consolidation reduces total shares outstanding, which may improve stock performance.
- Need for a reverse split indicates potential underlying stock performance issues.
- Market perception may be negatively impacted by the reverse split.
HAMILTON, BERMUDA , Oct. 24, 2022 (GLOBE NEWSWIRE) -- Altamira Therapeutics Ltd. (NASDAQ:CYTO), a company dedicated to developing therapeutics that address important unmet medical needs, today announced that its Board of Directors has approved a reverse stock split of its common shares at a ratio of 1-for-20. The reverse stock split is expected to become effective at market opening on October 25, 2022, and the shares to begin trading on the split-adjusted basis on the Nasdaq Capital Market under the Company's existing trading symbol "CYTO." The new CUSIP number following the reverse stock split will be G0360L209. The reverse stock split is primarily being effected to regain compliance with the
As a result of the reverse stock split, every 20 shares of the Company's issued and outstanding common shares will automatically combine into one issued and outstanding common share. The reverse stock split will affect all shareholders uniformly and will not alter any shareholder's percentage ownership interest in the Company. Proportionate voting rights and other rights of shareholders will not be affected by the reverse stock split. The reverse stock split will also apply to common shares issuable upon the exercise of the Company's outstanding warrants. In accordance with the 1-for-20 ratio, the number of authorized common shares will be reduced to 5,000,000 while the par value will be increased to CHF 0.20 per common share. As a result of the reverse stock split, the number of common shares outstanding will be reduced from approximately 21.5 million to approximately 1.1 million, subject to rounding down of all fractional shares to the nearest whole share and the payment to shareholders of cash in lieu of such fractional shares.
No fractional shares will be issued as a result of the reverse stock split; shareholders who would otherwise hold a fractional share of the Company's common stock will receive cash in an amount equal to the product obtained by multiplying (i) the closing price of our common stock on the business day immediately preceding the effective date of the reverse share split as reported on the Nasdaq Capital Market, by (ii) the number of common shares held by the shareholder that would otherwise have been exchanged for the fractional share interest.
The Company's transfer agent, American Stock Transfer & Trust Company, LLC (“AST”), will act as the exchange agent for the reverse stock split and will provide to shareholders of record, all of whom own their shares in book entry, updated statements of holding reflecting the reverse stock split. Banks, brokers or other nominees will be instructed by AST to effect the reverse stock split for their beneficial holders holding our common shares in “street name;” however, these banks, brokers or other nominees may apply their own specific procedures for processing the reverse stock split. Further information about the reverse stock split is provided in the Company’s form 6-K which is filed today with the Securities and Exchange Commission.
About Altamira Therapeutics
Altamira Therapeutics (NASDAQ:CYTO) is dedicated to developing therapeutics that address important unmet medical needs. The Company is currently active in three areas: the development of RNA therapeutics for extrahepatic therapeutic targets (OligoPhore™ / SemaPhore™ platforms; preclinical), nasal sprays for protection against airborne allergens and, where approved, viruses (Bentrio™; commercial) or for the treatment of vertigo (AM-125; post Phase 2), and the development of therapeutics for intratympanic treatment of tinnitus or hearing loss (Keyzilen® and Sonsuvi®; Phase 3). Founded in 2003, it is headquartered in Hamilton, Bermuda, with its main operations in Basel, Switzerland. For more information, visit: https://altamiratherapeutics.com/
Forward-Looking Statements
This press release may contain statements that constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are statements other than historical facts and may include statements that address future operating, financial or business performance or Altamira Therapeutics' strategies or expectations. In some cases, you can identify these statements by forward-looking words such as "may", "might", "will", "should", "expects", "plans", "anticipates", "believes", "estimates", "predicts", "projects", "potential", "outlook" or "continue", or the negative of these terms or other comparable terminology. Forward-looking statements are based on management's current expectations and beliefs and involve significant risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by these statements. These risks and uncertainties include, but are not limited to, the effect of the reverse split on Altamira’s stock price and compliance with Nasdaq listing requirements, the closing of the initial sale of
FAQ
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