Altamira Therapeutics Provides Investor And Business Update; Company's Board Of Directors Has Decided To Effect A 20-For-1 Reverse Stock Split On December 13, 2023
Portfolio Pulse from Benzinga Newsdesk
Altamira Therapeutics Ltd. (NASDAQ:CYTO) provided an update on its business strategy, including the partial spin-off of its Bentrio business, transition to a pure-play RNA delivery company, and financial restructuring. The company completed the Bentrio transaction, retaining a significant stake and potential future income. Altamira is also partnering its legacy assets and advancing its RNA delivery platforms, OligoPhore and SemaPhore. Cost reductions and debt repayment have strengthened the balance sheet. A 20-for-1 reverse stock split is planned to comply with Nasdaq listing rules and attract institutional investors.
December 11, 2023 | 1:18 pm
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Altamira Therapeutics announced a strategic pivot to RNA delivery, a partial spin-off of Bentrio, and a 20-for-1 reverse stock split to comply with Nasdaq rules. The company is debt-free and expects significant cost reductions in 2024.
The strategic pivot to RNA delivery and the partial spin-off of Bentrio indicate a focused business direction, which could be positively received by investors. The reverse stock split is likely to improve stock marketability and help maintain Nasdaq listing, potentially attracting institutional investors. The company's debt-free status and anticipated cost reductions may also be viewed favorably, suggesting improved financial health and operational efficiency.
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