News Feed Item

Altair Nanotechnologies Inc. Announces 1-for-6 Reverse Stock Split

RENO, NV -- (Marketwire) -- 12/07/12 -- Altair Nanotechnologies Inc. (NASDAQ: ALTI) today announced that its Board of Directors approved a 1-for-6 reverse stock split, which will become effective immediately following the close of trading on December 17, 2012. The consolidated common shares will begin trading on a split-adjusted basis on December 18, 2012 on the NASDAQ Capital Market.

"The primary objective in effecting the reverse stock split at this time is to enable Altair to maintain its listing on the NASDAQ Capital Market," said Alexander Lee, Chief Executive Officer of Altair Nanotechnologies Inc. "Over the past two quarters, we executed on a number of key milestones:

  • We focused on our new China plan:
    • We entered into an economic development agreement with the cities of Wu'an and Handan in the Hebei province, which calls for the transfer of up to 330 acres of land as well as orders for electric buses and energy storage systems (ESS). In return, the Company shall establish a manufacturing presence in Wu'an's new technology park.
    • We acquired a conditional 50-year right to use 66 acres of land in Wu'an for $13.9 million (inclusive of taxes) through a bidding process. We retained Beijing Hengxin Delv Assets Appraisal Co. Ltd. to perform an appraisal of the land. The value of the land was appraised at $32.2 million, which was verified by BDO China Dahua.
    • We applied for special grants and subsidies, and to date, Wu'an has awarded and paid Altair $12 million.
    • We received a $1.9 million down payment from Wu'an for an initial EV bus order.
    • We completed the design of our planned LTO and ESS manufacturing facilities.
  • We focused on sales and on our deliverables:
    • We launched our new 2 MW ALTI-ESS Advantage product this year and sold a system to TSK Solar in October.
    • We signed a supply agreement with Proterra for deliveries in 2013.
    • We built five ESS systems, three of which are now in their final stages of commissioning.
    • We ramped up our R&D proposal activity, and commenced economic development discussions in the U.S.
    • Deferred revenues grew to $5.3 million in the third quarter.
  • We focused on cost reductions and the consolidation of our operations.

"We are continuing to build upon these recent successes and believe 2013 will bring much stronger financial performance. Maintaining our listing on the Nasdaq Capital Market is important to our current shareholders and should help us attract a broader range of investors to the company," said Mr. Lee.

Based on 69,537,911 shares outstanding at October 12, 2012 and excluding the effects of rounding of fractional shares, the number of outstanding shares following the 1-for-6 reverse stock split would be 11,589,652. Any fractional shares will be rounded up to the nearest whole share. The exercise price and the number of shares of common stock issuable under the Company's outstanding warrants and stock options will be proportionately adjusted to reflect the reverse stock split.

Registered stockholders immediately following the closing of trading on December 17, 2012 will receive a Letter of Transmittal from the company's transfer agent, Registrar and Transfer Company, with specific instructions regarding the exchange of shares. Shareholders that hold shares as beneficial owners will have their holdings electronically adjusted by their brokers or banks that hold the shares in street name for their benefit.

About Altair Nanotechnologies Inc.
Altair is a leading provider of high-power energy storage systems for the electric grid, industrial equipment and transportation markets. The company's lithium titanate technology is built on a proprietary nano-scale processing technology that creates high-power, rapid-charging battery systems with industry-leading performance and cycle life. Altair is headquartered in Reno, Nevada and maintains operations in Anderson, Indiana; Zhuhai, China; and Wu'an, China. For additional information, please visit: www.altairnano.com.

Forward-Looking Statements
This report 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 Altair'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 report. These risks include the risk that the consolidation will not be sufficient for the Company to maintain its Nasdaq Capital Market and that the market price of the Company's common stock will subsequently drop below $1 in the future, leading to a potential future delisting. Other risks are identified in Altair's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q filed with the SEC. Such forward-looking statements speak only as of the date of this release. Altair expressly disclaims any obligation to update or revise any forward-looking statements found herein to reflect any changes in Altair expectations or results or any change in events.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
The IoT industry is now at a crossroads, between the fast-paced innovation of technologies and the pending mass adoption by global enterprises. The complexity of combining rapidly evolving technologies and the need to establish practices for market acceleration pose a strong challenge to global enterprises as well as IoT vendors. In his session at @ThingsExpo, Clark Smith, senior product manager for Numerex, will discuss how Numerex, as an experienced, established IoT provider, has embraced a ...
Cloud based infrastructure deployment is becoming more and more appealing to customers, from Fortune 500 companies to SMEs due to its pay-as-you-go model. Enterprise storage vendors are able to reach out to these customers by integrating in cloud based deployments; this needs adaptability and interoperability of the products confirming to cloud standards such as OpenStack, CloudStack, or Azure. As compared to off the shelf commodity storage, enterprise storages by its reliability, high-availabil...
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
SYS-CON Events announced today that MathFreeOn will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. MathFreeOn is Software as a Service (SaaS) used in Engineering and Math education. Write scripts and solve math problems online. MathFreeOn provides online courses for beginners or amateurs who have difficulties in writing scripts. In accordance with various mathematical topics, there are more tha...
SYS-CON Events announced today that Cemware will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Use MATLAB functions by just visiting website mathfreeon.com. MATLAB compatible, freely usable, online platform services. As of October 2016, 80,000 users from 180 countries are enjoying our platform service.
@ThingsExpo has been named the Top 5 Most Influential Internet of Things Brand by Onalytica in the ‘The Internet of Things Landscape 2015: Top 100 Individuals and Brands.' Onalytica analyzed Twitter conversations around the #IoT debate to uncover the most influential brands and individuals driving the conversation. Onalytica captured data from 56,224 users. The PageRank based methodology they use to extract influencers on a particular topic (tweets mentioning #InternetofThings or #IoT in this ...
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smar...
Complete Internet of Things (IoT) embedded device security is not just about the device but involves the entire product’s identity, data and control integrity, and services traversing the cloud. A device can no longer be looked at as an island; it is a part of a system. In fact, given the cross-domain interactions enabled by IoT it could be a part of many systems. Also, depending on where the device is deployed, for example, in the office building versus a factory floor or oil field, security ha...
Without lifecycle traceability and visibility across the tool chain, stakeholders from Planning-to-Ops have limited insight and answers to who, what, when, why and how across the DevOps lifecycle. This impacts the ability to deliver high quality software at the needed velocity to drive positive business outcomes. In his general session at @DevOpsSummit at 19th Cloud Expo, Eric Robertson, General Manager at CollabNet, will discuss how customers are able to achieve a level of transparency that e...
SYS-CON Events announced today that Transparent Cloud Computing (T-Cloud) Consortium will exhibit at the 19th International Cloud Expo®, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. The Transparent Cloud Computing Consortium (T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data proces...
Governments around the world are adopting Safe Harbor privacy provisions to protect customer data from leaving sovereign territories. Increasingly, global companies are required to create new instances of their server clusters in multiple countries to keep abreast of these new Safe Harbor laws. Is it worth it? In his session at 19th Cloud Expo, Adam Rogers, Managing Director of Anexia, Inc., will discuss how to keep your data legal and still stay in business.
Successful transition from traditional IT to cloud computing requires three key ingredients: an IT architecture that allows companies to extend their internal best practices to the cloud, a cost point that allows economies of scale, and automated processes that manage risk exposure and maintain regulatory compliance with industry regulations (FFIEC, PCI-DSS, HIPAA, FISMA). The unique combination of VMware, the IBM Cloud, and Cloud Raxak, a 2016 Gartner Cool Vendor in IT Automation, provides a co...
Today every business relies on software to drive the innovation necessary for a competitive edge in the Application Economy. This is why collaboration between development and operations, or DevOps, has become IT’s number one priority. Whether you are in Dev or Ops, understanding how to implement a DevOps strategy can deliver faster development cycles, improved software quality, reduced deployment times and overall better experiences for your customers.
Donna Yasay, President of HomeGrid Forum, today discussed with a panel of technology peers how certification programs are at the forefront of interoperability, and the answer for vendors looking to keep up with today's growing industry for smart home innovation. "To ensure multi-vendor interoperability, accredited industry certification programs should be used for every product to provide credibility and quality assurance for retail and carrier based customers looking to add ever increasing num...
@ThingsExpo has been named the Top 5 Most Influential M2M Brand by Onalytica in the ‘Machine to Machine: Top 100 Influencers and Brands.' Onalytica analyzed the online debate on M2M by looking at over 85,000 tweets to provide the most influential individuals and brands that drive the discussion. According to Onalytica the "analysis showed a very engaged community with a lot of interactive tweets. The M2M discussion seems to be more fragmented and driven by some of the major brands present in the...