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May 27, 2014
17:27 EDTALTIAltair Nanotechnologies receives non-compliance letter, secures new loan
Altair Nanotechnologies reports the company received a non-compliance letter from the Nasdaq Stock Market and has secured a new working capital loan. On May 20, the company received a letter from Nasdaq indicating that the company was not in compliance with the continuous listing rules due to its failure to file its Quarterly Report on Form 10-Q for the quarter ended March 31 on a timely basis. Under the rules, the company has until June 16 to submit a plan to regain compliance and if the plan is accepted, the company could be granted up to 180 calendar days from the date of its initial filing delinquency, or until October 13, to regain compliance. The company expects to file its Annual Report and Quarterly Report as soon as practical and expects to submit a plan to regain compliance within the timelines prescribed by the letter and Nasdaq rules. On April 30, Northern Altair Nanotechnologies Co., Limited , an indirect subsidiary of Altair Nanotechnologies, entered into, and closed, a financing under a Working Capital Loan Contract and related documents with the Bank of Handan Co., Wu'an Sub-branch with respect to RMB 130,000,000 or approximately USD $21,090,200 loan. The interest rate on this loan is fixed at 9%, with interest payable monthly in arrears. The maturity date is April 28, 2015, at which time all outstanding principal and unpaid interest is due and payable. The loan is a guaranteed loan and the guarantee manner is joint and several liability.
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