Altamira Therapeutics spikes 170% after regaining compliance with Nasdaq

Shares of Altamira Therapeutics are up 40c or 170% to 62c per share in late afternoon trading on Wednesday after announcing that it recently received a notification letter from the Listing Qualifications Department of the Nasdaq Stock Market informing the Company that it has regained compliance with the minimum stockholders’ equity requirement as set forth under Nasdaq Listing Rule 5550b1 for continued listing on Nasdaq. The Company had boosted its equity position through a public offering of common shares in July, the partial amortization of convertible debt granted by FiveT Investment Management as well as, most recently, the partial spin-off of its Bentrio activities. The Bentrio transaction involved the spin-off of a 51% stake in its subsidiary Altamira Medica , as a strategic move to reposition Altamira Therapeutics as an RNA delivery technology company. Bentrio is a drug-free OTC nasal spray utilized for the treatment of allergic rhinitis. The transaction closed on November 21 during which Altamira received a cash consideration of CHF 2,040,000, approximately $2.3M. The Company retains a 49% stake in Medica, which will be consolidated as an ‘associated company’ and will be entitled to receive 25% of its future licensing income.