Altamira Therapeutics has been delisted from Nasdaq due to failure to meet the $1.00 bid price requirement. The company will transition to trading on OTCQB under the ticker symbol “CYTOF,” ensuring continued market activity for shareholders without interruption. No reverse stock split is planned, as OTCQB doesn’t require a minimum bid price. Altamira remains focused on its RNA delivery platforms and projects, including siRNA programs targeting KRAS-driven cancers and rheumatoid arthritis, and continues to explore partnerships for growth.
Altamira Therapeutics Ltd. (“Altamira” or the “Company”) (OTCQB: CYTOF), a company dedicated to developing and commercializing RNA delivery technology for targets beyond the liver, announced on December 18, 2024, that it received notification from the Nasdaq Hearings Panel (the "Panel") regarding the delisting of its common shares from The Nasdaq Stock Market LLC ("Nasdaq"). The decision was based on the Company’s failure to comply with Rule 5550(a)(2) of Nasdaq’s Listing Rules, which mandates a minimum bid price of $1.00 per share.
The delisting will take effect at the open of trading on December 20, 2024, after which Altamira’s common shares will begin trading on the OTCQB marketplace under the ticker symbol “CYTOF”. This transition will ensure continuous trading for shareholders, who will not need to take any action to facilitate the change. OTCQB, part of the OTC Markets Group, is a recognized platform for emerging growth companies, providing liquidity and visibility.
In response to the delisting, Thomas Meyer, Altamira’s founder, CEO, and Chairman, stated, “While we are disappointed by the Panel’s decision, we are optimistic about joining the OTCQB, which offers a well-established and large marketplace for companies like ours. This transition allows us to focus on growing our RNA delivery platforms without being constrained by compliance requirements, such as a $1 minimum bid price. As a result, there is no need for a reverse stock split.”
Altamira Therapeutics specializes in peptide-based nanoparticle technologies for RNA delivery to tissues beyond the liver, utilizing its OligoPhore™ and SemaPhore™ platforms. The Company has two preclinical siRNA programs under development: AM-401, targeting KRAS-driven cancers, and AM-411, targeting rheumatoid arthritis. Additionally, its versatile delivery platform is suitable for mRNA and other RNA modalities, which can be licensed to pharmaceutical and biotechnology companies. Altamira also holds a 49% stake in Altamira Medica AG, which commercializes Bentrio®, an OTC nasal spray for allergic rhinitis. The Company is exploring partnerships or divestiture options for its legacy inner ear assets.
Since its founding in 2003, Altamira has operated with its headquarters in Hamilton, Bermuda, and main operations in Basel, Switzerland. For more information, please visit www.altamiratherapeutics.com.
This press release contains forward-looking statements, including those regarding the delisting of the Company’s shares and the potential benefits associated with trading on the OTCQB. These statements involve known and unknown risks and uncertainties that could affect the Company’s actual results. Such factors include, but are not limited to, market conditions, regulatory developments, and the Company’s ability to execute its strategic plans. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management’s opinions only as of the date of this press release.
For investor inquiries, please contact Hear@altamiratherapeutics.com.
