Altair Receives 90-Day NASDAQ Extension
Altair Nanotechnologies Inc. (Reno, NV) announced that it has received a letter from the NASDAQ Stock Market noting that the company meets the initial listing requirements for NASDAQ SmallCap Market Under Marketplace Rule 4310(c)(2)(A). Therefore, NASDAQ has provided the company with an additional 90 calendar days, or until September 2, 2003, to regain compliance with Marketplace Rule 4310(c)(8)(D), which requires the company securities to have a minimum bid price of $1.00.
If at any time before September 2, 2003, the bid price of the company's common stock closes at $1.00 per share or more for a minimum of 10 consecutive trading days, NASDAQ has indicated that it will provide written notification that the company complies with the $1.00 minimum bid rule. If compliance with this rule cannot be demonstrated by September 2, 2003, NASDAQ has indicated that it will provide written notification that the company's securities will be delisted. At that time, Altair may appeal NASDAQ's determination to a Listing Qualifications Panel.