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
-- 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
-- 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
-- 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
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
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.
For Additional Information:
Press spacebar to pause and continue. Press esc to stop.