with the reverse split of course
On December 7, 2012, Altair Nanotechnologies Inc. (the "Company") announced that it has determined to effect a six-to-one (6:1) consolidation (a/k/a 1-for-6 reverse stock spilt) of its shares of common stock effective as of 5:00 PM EST, December 17, 2012. The consolidation was approved by the stockholders at the Company's annual and special meeting of stockholders on November 28, 2012 and has been authorized by the Company's Board of Directors. The consolidated shares of common stock are expected to begin trading on a post-consolidation basis on December 18, 2012 on the Nasdaq Capital Market.
This action is being taken in order to preserve the Company's listing on the NASDAQ Capital Market which requires, among other things, a minimum bid price exceeding $1.00 per share. The Company is required to be in compliance with a minimum bid price per share for a period of 10 trading days by January 2, 2013, and in the event the Company has not regained compliance by such date, the shares will likely be delisted from NASDAQ.
In the consolidation, each six issued and outstanding shares of common stock will be converted automatically into one share of common stock. The number of outstanding shares of common stock will be reduced from approximately 69,537,911 shares pre-consolidation to approximately 11,589,652 shares post consolidation. No fractional shares or scrip certificates shall be issued to the holders of presently issued and outstanding shares of the common stock. Rather, any fractional share that remains after all shares beneficially held by a holder of the shares of common stock have been consolidated will be rounded up to a whole share of common stock.
Stockholders of record as of closing on December 17, 2012 will receive instructions explaining the process for obtaining post-consolidation stock certificates.