Nastassia Samal
Shares of Altamira Therapeutics (NASDAQ:CYTO) soared 130% Wednesday after the company announced it had regained compliance with Nasdaq’s minimum stockholder equity requirements and closed on a previously announced deal to sell 51% of its Altamira Medica subsidiary.
Altamira announced both developments in SEC filings last week. The company sold the stake in Altamira Medica, which markets an OTC nasal spray for allergic rhinitis called Bentrio, for around $2.3M. The deal closed on Nov. 21.
Altamira said that Nasdaq will continue to monitor the company for ongoing compliance with its stockholder equity requirement. The next review will be performed at the publication of the company’s year-end balance sheet filing, currently scheduled for early April.
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