- Nano-cap pharma Altamira Therapeutics ( NASDAQ: CYTO ) lost ~6% pre-market Friday after announcing plans to increase its authorized share capital to meet future funding needs and accommodate changes to a financing facility.
- The decision comes after FiveT Investment Management agreed to amend certain terms related to CHF 5M convertible loan granted to the company.
- The revised conditions include provisions to convert a portion of the loan principal and interest into common shares and warrants in return for a partial cash payment.
- Citing partial conversion of the FiveT loan and future funding needs, Altamira ( CYTO ) is set to propose an increase in its authorized share capital at a special general meeting scheduled for Feb. 17.
- The company also announced that the Head of the OTC Consumer Health Business, Jean Lachance, has left the company due to family reasons.
- The plan to raise additional capital comes weeks after the company regained compliance with the Nasdaq listing requirements.
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Altamira falls amid plans to increase share capital