Altairnano Receives 180-Day Listing Extension From NASDAQ
If at any time before December 20, 2010, the bid price of the company's common stock closes at $1.00 per share or more for a minimum of 10 consecutive business days (subject to extension to 20 days in NASDAQ's discretion), the Company will regain compliance with the rule. If the company has not regained compliance by the end of this second grace period, it will receive notification that its shares are subject to delisting. At that point the Company may then appeal the delisting determination to a Hearings Panel.
A resolution was recently passed in the Company's May 2010 Annual and Special Shareholder meeting which authorized the board of directors to execute a reverse stock split in the range of 3:1 to 10:1. The authorization for the reverse stock split provides the Board with an option to help the Company retain its listing on NASDAQ in the event that it does not regain compliance during the grace period. However, as a result of this grace period extension, the Board intends to postpone the consideration of a reverse stock split. The Company shall continue to seek compliance with the minimum bid price rule through revenue growth and other positive operational achievements.
About Altair Nanotechnologies, Inc.
Headquartered in Reno, Nevada with manufacturing in Anderson, Indiana, Altairnano is a leading provider of energy storage systems for clean, efficient power and energy management. Going beyond lithium ion, Altairnano's Lithium-Titanate based battery systems are among the highest performing and most scalable, with applications that include complete energy storage systems for use in providing frequency regulation and renewables integration for the electric grid, battery modules and cells for mass transit applications, and battery packs for several different military applications. For more information please visit Altairnano at www.altairnano.com.
Forward-Looking Statements
This release may contain forward-looking statements as well as historical information. Forward-looking statements, which are included in accordance with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, may involve risks, uncertainties and other factors that may cause the company's actual results and performance in future periods to be materially different from any future results or performance suggested by the forward-looking statements in this release. These risks and uncertainties include, without limitation, the risks that the Company may fail to meet the NASDAQ Capital Market minimum bid price requirement for a period of 10 days prior to the December 20, 2010 deadline with or without a reverse split, that the Company may fail to meet other continued listing on the NASDAQ Capital Market in the future and that even if the Company regains compliance with NASDAQ minimum bid and other requirements, the Company may subsequently fall out of compliance. In addition, other risks are identified in the company's most recent Annual Report on Form 10-K and Form 10-Q, as filed with the SEC. Such forward-looking statements speak only as of the date of this release. The company expressly disclaims any obligation to update or revise any forward-looking statements found herein to reflect any changes in company expectations or results or any change in events.
