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Form 8-K for ALTAIR NANOTECHNOLOGIES INC
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11-Jan-2012
Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
On January 6, 2012, Altair Nanotechnologies Inc. (the "Company") received a letter from The Nasdaq Stock Market ("Nasdaq") indicating that the bid price of the Company's common stock for the last thirty consecutive business days had closed below the minimum $1.00 per share required for continued listing under Nasdaq Marketplace Rule 5550(a)(2). This notification has no effect on the listing of our common stock at this time.
Nasdaq stated in its letter that, in accordance with Marketplace Rule 5810(c)(3)(A), the Company has been provided an initial period of 180 calendar days, or until July 5, 2012, to regain compliance with the minimum bid requirement. The letter also states that if at any time before July 5, 2012, 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, the Nasdaq staff will provide written notification that the Company has achieved compliance with the minimum bid requirement. At the close of the grace period, if the Company 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 a notice of its intention to timely cure the bid price deficiency. If it is not eligible for an additional grace period, the Company will receive notification that its securities are subject to delisting, and it may then appeal the delisting determination to a Hearings Panel.
The Company intends to maintain the listing of our common stock on Nasdaq. The Company will initially monitor the bid price of its common stock and will consider available options if the common stock does not trade at a level likely to result in compliance with Nasdaq's minimum bid price requirement by July 5, 2012.