Altairnano Receives Notice of Bid Price Deficiency
Altair Nanotechnologies, Inc. (NASDAQ: ALTI) today announced notification from NASDAQ that because Altair's common stock bid price has fallen below $1.00 from November 21, 2011 to January 5, 2012, Altair is not in compliance with Rule 5550(a)(2), which is NASDAQ's minimum bid price rule. The notification has no effect on the listing of Altair's common stock at this time, which will continue to trade on the NASDAQ Capital Market under the symbol "ALTI."
The NASDAQ notice states that Altair has been provided a 180-day grace period, through July 5, 2012, to regain compliance with Rule 5550(a)(2). To regain compliance, the bid price for Altair's common stock must close at $1.00 or higher for a minimum of 10 consecutive business days within the stated 180-day grace period. At the close of the grace period, if Altair has not regained compliance, it may be eligible for an additional grace period of 180 days, if it meets the initial listing standards, with the exception of bid price, for the NASDAQ Capital Market and it provides NASDAQ with notice of its intent to timely cure the bid price deficiency. If it is not eligible for an additional grace period, Altair will receive notification that its securities are subject to delisting, and it may then appeal the delisting determination to a Hearings Panel.
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