aibioAltamira Therapeutics moves from Nasdaq to OTCQB after panel decision
Tickers CYTOF
The Nasdaq Hearings Panel denied the company's request to stay listed over the $1.00 minimum bid price rule. Shares are to trade as CYTOF, and the company says it plans no reverse stock split.
Key facts
- Company
- Altamira Therapeutics Ltd. (OTC: CYTOF)
- News type
- Listings
- Primary source
- Altamira Therapeutics Ltd. 6-K (2024-12-20)
Altamira Therapeutics Ltd. said on December 20, 2024 that its common shares will be delisted from Nasdaq at the open of trading that day and are expected to begin trading on the OTCQB marketplace under the symbol CYTOF. The company said shareholders need not take any action.
On December 18, 2024, the company received notice that the Nasdaq Hearings Panel had decided to delist the shares for failure to comply with Rule 5550(a)(2), which requires listed securities to keep a minimum bid price of $1.00 per share. Nasdaq had sent a delisting notification on September 30, 2024, and the company appealed to the Panel to present a plan for regaining compliance. The Panel denied its request to stay listed.
OTCQB is one of three marketplaces for over-the-counter stocks run by OTC Markets Group.
Founder, Chief Executive Officer and Chairman Thomas Meyer said the $1 minimum bid price rule does not apply to OTCQB companies, so "there is no requirement to perform any reverse stock split."