| Altairnano Receives 180-Day Listing Extension From NASDAQ | RENO, NV -- (Marketwire) -- 06/28/10 -- Altair Nanotechnologies, Inc. (Altairnano) (NASDAQ: ALTI) today announced that NASDAQ in a letter dated June 22, 2010, granted the Company an additional 180 days to regain compliance with NASDAQ's $1.00 minimum bid price rule, Listing Rule 5550(a)(2). The receipt of this extension is consistent with the company's expectations, as it met all initial inclusion criteria for the NASDAQ Capital Market with the exception of the bid price. 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. | |