Altamira Therapeutics Receives NASDAQ Notification Regarding Minimum Bid Requirements

Rhea-AI Summary

Altamira Therapeutics Ltd. (NASDAQ:CYTO) received a notification from the Nasdaq Listings Qualifications Department on June 2, 2022, indicating that its share price had fallen below the $1.00 minimum requirement for 30 consecutive business days. The company has a 180-day compliance period to regain compliance, during which a closing bid price of at least $1.00 for 10 consecutive days will confirm compliance. If necessary, an additional 180 days may be granted under specific conditions, including a potential reverse stock split.

Positive

• Altamira Therapeutics can trade uninterrupted under the symbol 'CYTO'.
• The company is eligible for an additional compliance period if necessary.

Negative

• Share price is currently below the Nasdaq minimum requirement of $1.00.
• Potential risk of delisting if compliance is not regained within the 180-day period.

HAMILTON, BERMUDA / ACCESSWIRE / June 9, 2022 / Altamira Therapeutics Ltd. (NASDAQ:CYTO), a company dedicated to developing therapeutics that address important unmet medical needs, today announced that on June 02, 2022 the Company received a letter from the Listings Qualifications Department of the Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that the minimum bid price per share for its common shares was below $1.00 for a period of 30 consecutive business days and that the Company did not meet the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2).

The shares will continue to trade uninterrupted under its symbol "CYTO." The Company now has a compliance period of 180 calendar days (the "Compliance Period") to regain compliance with Nasdaq's minimum bid price requirement. If at any time during the Compliance Period, the closing bid price per share of the Company's common stock is at least $1.00 for a minimum of 10 consecutive business days, Nasdaq will provide Altamira Therapeutics a written confirmation of compliance and the matter will be closed.

In the event Altamira Therapeutics does not regain compliance by the end of the Compliance Period, the Company may be eligible for an additional 180 days. To qualify, the Company will be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the bid price requirement, and will need to provide written notice of its intention to cure the deficiency during the second compliance period, by effecting a reverse stock split, if necessary.

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 viruses and allergens (Bentrio™; commercial) or for the treatment of vertigo (AM-125; 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 approval and timing of commercialization of AM-301, Altamira Therapeutics' need for and ability to raise substantial additional funding to continue the development of its product candidates, the timing and conduct of clinical trials of Altamira Therapeutics' product candidates, the clinical utility of Altamira Therapeutics' product candidates, the timing or likelihood of regulatory filings and approvals, Altamira Therapeutics' intellectual property position and Altamira Therapeutics' financial position, including the impact of any future acquisitions, dispositions, partnerships, license transactions or changes to Altamira Therapeutics' capital structure, including future securities offerings. These risks and uncertainties also include, but are not limited to, those described under the caption "Risk Factors" in Altamira Therapeutics' Annual Report on Form 20-F for the year ended December 31, 2021, and in Altamira Therapeutics' other filings with the SEC, which are available free of charge on the Securities Exchange Commission's website at: www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. All forward-looking statements and all subsequent written and oral forward-looking statements attributable to Altamira Therapeutics or to persons acting on behalf of Altamira Therapeutics are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and Altamira Therapeutics does not undertake any obligation to update them in light of new information, future developments or otherwise, except as may be required under applicable law.

CONTACT
Investors@altamiratherapeutics.com
800-460-0183

SOURCE: Altamira Therapeutics

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FAQ

What does the Nasdaq notification mean for Altamira Therapeutics (CYTO)?

It means that Altamira Therapeutics' stock price has fallen below the $1.00 minimum requirement, and the company has 180 days to regain compliance.

How long does Altamira have to comply with Nasdaq's minimum bid price requirement?

Altamira Therapeutics has a compliance period of 180 calendar days.

What happens if Altamira Therapeutics does not regain compliance with Nasdaq?

If compliance is not regained, the company may be eligible for an additional 180 days and may need to consider a reverse stock split.

What is the minimum bid price requirement for Nasdaq?

The minimum bid price requirement for Nasdaq is $1.00 per share.