Altamira Therapeutics Announces Reverse Stock Split

HAMILTON, BERMUDA , Oct. 24, 2022 (GLOBE NEWSWIRE) — Altamira Therapeutics Ltd. (NASDAQ:CYTO), a company dedicated to developing therapeutics that address important unmet medical needs, today announced that its Board of Directors has approved a reverse stock split of its common shares at a ratio of 1-for-20. The reverse stock split is expected to become effective at market opening on October 25, 2022, and the shares to begin trading on the split-adjusted basis on the Nasdaq Capital Market under the Company’s existing trading symbol “CYTO.” The new CUSIP number following the reverse stock split will be G0360L209. The reverse stock split is primarily being effected to regain compliance with the $1.00 minimum bid price requirement for continued listing on NASDAQ.

As a result of the reverse stock split, every 20 shares of the Company’s issued and outstanding common shares will automatically combine into one issued and outstanding common share. The reverse stock split will affect all shareholders uniformly and will not alter any shareholder’s percentage ownership interest in the Company. Proportionate voting rights and other rights of shareholders will not be affected by the reverse stock split. The reverse stock split will also apply to common shares issuable upon the exercise of the Company’s outstanding warrants. In accordance with the 1-for-20 ratio, the number of authorized common shares will be reduced to 5,000,000 while the par value will be increased to CHF 0.20 per common share. As a result of the reverse stock split, the number of common shares outstanding will be reduced from approximately 21.5 million to approximately 1.1 million, subject to rounding down of all fractional shares to the nearest whole share and the payment to shareholders of cash in lieu of such fractional shares.

No fractional shares will be issued as a result of the reverse stock split; shareholders who would otherwise hold a fractional share of the Company’s common stock will…