The common shares of Altamira Therapeutics Ltd, the Bermudian-headquartered biotechnology company, have been de-listed from Nasdaq for failure to comply with the exchange’s rule that listed securities are required to maintain a minimum bid price of $1 per share.

The company’s shares have begun trading on the OTCQB marketplace under the ticker symbol “CYTOF”.

OTCQB is one of three marketplaces for trading over-the-counter stocks operated by the OTC Markets Group.

The company received a de-listing notification from Nasdaq on September 30, and filed an appeal with the Nasdaq hearings panel to present its plan for regaining compliance. The panel denied the company’s request to continue its listing on Nasdaq.

“While we are disappointed by the panel’s decision, we look forward to joining the OTCQB, which is a well-established and large marketplace for emerging growth companies,” said Thomas Meyer, Altamira’s founder, chief executive and chairman.

“The transition from Nasdaq to OTCQB will allow us to focus on growing the company based on our exciting RNA delivery platforms. Since the $1 minimum bid price rule does not apply to OTCQB listed companies, there is no requirement to perform any reverse stock split.”

Founded in 2003, Altamira is headquartered in Hamilton, with its main operations in Basel, Switzerland.