Altamira Therapeutics Announces Transition from NASDAQ to OTC Markets

Rhea-AI Summary

Altamira Therapeutics announced its transition from NASDAQ to OTCQB marketplace following a delisting notice from the Nasdaq Hearings Panel on December 18, 2024. The delisting, effective December 20, 2024, results from the company's failure to maintain the required minimum bid price of $1.00 per share under Nasdaq's Rule 5550(a)(2).

The company will continue trading under the ticker symbol CYTOF on the OTCQB platform, ensuring uninterrupted market activity for shareholders with no action required. Altamira had previously received a delisting notification on September 30, 2024, and appealed to present its compliance plan, which was ultimately denied by the Panel.

Positive

• No reverse stock split required under OTCQB listing
• Uninterrupted trading continuity for shareholders

Negative

• Delisting from NASDAQ due to failure to maintain $1.00 minimum bid price
• Downgrade to less prestigious OTCQB marketplace
• Failed appeal to maintain NASDAQ listing

Insights

Financial Markets Analyst

The delisting from NASDAQ to OTCQB represents a significant downgrade in Altamira Therapeutics' market status and visibility. Trading on the OTCQB, while providing continued market access, typically results in reduced liquidity, lower institutional investor participation and potentially higher trading spreads. The company's inability to maintain the $1.00 minimum bid price requirement signals underlying financial challenges.

The decision to avoid a reverse stock split, while preserving share count, doesn't address the fundamental issue of low market valuation. With a market cap of just $1.13 million, the company's small size and OTC status may limit its ability to raise capital efficiently. For retail investors, this transition typically means increased trading difficulty, potentially higher transaction costs and fewer broker-dealers willing to make markets in the stock.

In simpler terms: Think of this like a store moving from a premium shopping mall (NASDAQ) to a less prominent location (OTCQB). While the store still operates, it gets less foot traffic and might find it harder to attract premium customers and secure financing.

HAMILTON, BERMUDA, Dec. 20, 2024 (GLOBE NEWSWIRE) --

• Trading to continue under ticker symbol “CYTOF”
• No reverse stock split planned

Altamira Therapeutics Ltd. (“Altamira” or the “Company”) (OTCQB: CYTOF), a company dedicated to developing and commercializing RNA delivery technology for targets beyond the liver, today announced that on December 18, 2024 it received notice that the Nasdaq Hearings Panel (the "Panel") had determined to delist the Company's common shares from The Nasdaq Stock Market LLC ("Nasdaq") due to the Company's failure to comply with Rule 5550(a)(2) of Nasdaq’s Listing Rules. The Rule requires listed securities to maintain a minimum bid price of $1.00 per share.

The Company's common shares will be delisted from Nasdaq at the open of trading on December 20, 2024 and are expected to then begin trading on the OTCQB marketplace under the ticker symbol “CYTOF”, ensuring uninterrupted market activity for its shareholders. Shareholders will not need to take any action. OTCQB is one of three marketplaces for trading over-the-counter (OTC) stocks operated by the OTC Markets Group. As previously disclosed, the Company had received a delisting notification from Nasdaq on September 30, 2024 and filed an appeal with the Panel to present its plan for regaining compliance. The Panel denied the Company’s request to continue its listing on Nasdaq.

“While we are disappointed by the Panel’s decision, we look forward to joining the OTCQB, which is a well-established and large marketplace for emerging growth companies,” commented Thomas Meyer, Altamira’s founder, CEO and Chairman. “The transition from Nasdaq to OTCQB will allow us to focus on growing the Company based on our exciting RNA delivery platforms. Since the $1 minimum bid price rule does not apply to OTCQB listed companies, there is no requirement to perform any reverse stock split.”

About Altamira Therapeutics

Altamira Therapeutics (OTCQB: CYTOF) is developing and supplying peptide-based nanoparticle technologies for efficient RNA delivery to extrahepatic tissues (OligoPhore™ / SemaPhore™ platforms). The Company currently has two flagship siRNA programs using its proprietary delivery technology: AM-401 for KRAS driven cancer and AM-411 for rheumatoid arthritis, both in preclinical development beyond in vivo proof of concept. The versatile delivery platform is also suited for mRNA and other RNA modalities and made available to pharma or biotech companies through out-licensing. In addition, Altamira holds a 49% stake (with additional economic rights) in Altamira Medica AG, which holds its commercial-stage legacy asset Bentrio®, an OTC nasal spray for allergic rhinitis. Further, the Company is in the process of partnering / divesting its inner ear legacy assets. Founded in 2003, Altamira 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 contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “projects,” “may,” “will,” “could,” “would,” “should,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “potential,” “promise” or similar references to future periods. Examples of forward-looking statements in this press release include, without limitation, statements regarding the Company’s plans with respect to the delisting of its common shares, the perceived benefits of the delisting, and the trading of the Company’s common shares. Any forward-looking statements in this press release are based on management’s current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements.

Investor Contact:

Hear@altamiratherapeutics.com

FAQ

Why was Altamira Therapeutics (CYTO) delisted from NASDAQ in December 2024?

Altamira Therapeutics was delisted from NASDAQ on December 20, 2024, due to failing to comply with Rule 5550(a)(2), which requires maintaining a minimum bid price of $1.00 per share.

What is Altamira's new trading symbol after moving to OTCQB?

Altamira will trade under the symbol 'CYTOF' on the OTCQB marketplace.

Do Altamira shareholders need to take any action due to the NASDAQ delisting?

No, shareholders do not need to take any action as trading will continue uninterrupted on the OTCQB marketplace.

Will Altamira implement a reverse stock split after moving to OTCQB?

No, Altamira stated they do not plan to implement a reverse stock split as the $1 minimum bid price rule does not apply to OTCQB listed companies.