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Altamira Therapeutics | 6-K: Report of foreign private issuer (related to financial reporting)

SEC announcement ·  Jan 19 00:00
Summary by Moomoo AI
Altamira Therapeutics Ltd., a Bermuda-incorporated company, has successfully completed the partial spin-off of its Bentrio business, selling a 51% stake in its subsidiary Altamira Medica AG to a Swiss private equity investor as reported on January 19, 2024. The transaction, which closed on November 21, 2023, is part of Altamira's strategic repositioning to focus on its RNA delivery technology. The company received approximately $2.3 million in cash for the majority stake and retained a 49% interest in Medica. Additionally, Altamira is entitled to 25% of Medica's future gross licensing income. The deal also included the sale of Auris Medical Pty Ltd and a cash contribution to Medica's capital. Altamira anticipates a financial gain of about $5.2 million from the transaction, which will be recorded in accordance with International Financial Reporting Standards. The unaudited pro forma financial information reflecting the transaction has been filed with the U.S. Securities and Exchange Commission.
Altamira Therapeutics Ltd., a Bermuda-incorporated company, has successfully completed the partial spin-off of its Bentrio business, selling a 51% stake in its subsidiary Altamira Medica AG to a Swiss private equity investor as reported on January 19, 2024. The transaction, which closed on November 21, 2023, is part of Altamira's strategic repositioning to focus on its RNA delivery technology. The company received approximately $2.3 million in cash for the majority stake and retained a 49% interest in Medica. Additionally, Altamira is entitled to 25% of Medica's future gross licensing income. The deal also included the sale of Auris Medical Pty Ltd and a cash contribution to Medica's capital. Altamira anticipates a financial gain of about $5.2 million from the transaction, which will be recorded in accordance with International Financial Reporting Standards. The unaudited pro forma financial information reflecting the transaction has been filed with the U.S. Securities and Exchange Commission.
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