04:29 PM EDT, 10/04/2024 (MT Newswires) -- Altamira Therapeutics ( CYTO ) said Friday it was notified by the Nasdaq Stock Market that it is not in compliance with a listing rule requiring securities to have a minimum bid price of $1 per share.

The bid price for the company's stocks fell below $1.00 per share for the last 30 business days, spanning from Aug. 16 to Sept. 27, according to the company.

Altamira isn't eligible for a cure period because the company did one or more reverse stock splits over the previous two-year period with a cumulative ratio of 250 shares or more to one, the company said, adding it will appeal this decision to a hearing panel.

There's no assurance that the panel will accept Altamira's request for continued listing or that it will grant any extension, the company added.

Altamira shares were falling past 9% in after-hours activity.

Price: 0.5985, Change: -0.06, Percent Change: -9.22