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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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September 4, 2014
18:57 EDTALTIAltair Nanotechnologies accounting firm resigns, unable to complete its audit
Crowe Horwath, the independent registered public accounting firm of Altair Nanotechnologies, resigned as the company’s independent registered public accounting firm. Crowe was unable to complete its audit and issue an audit report for the year ended December 31, 2013 due to material weaknesses to the company’s controls and procedures. In its resignation letter, Crowe advised the company that it was resigning due to its inability to complete the audit of the company’s financial statements for the year ended 2013 in part due its inability to perform sufficient procedures to determine the completeness of reporting of subsequent events transactions that may have occurred in China and in part due to the company’s material weakness relative to implementing controls and procedures to ensure accurate and timely communications between the company’s subsidiaries in China and its U.S. based accounting team.
14:48 EDTALTIAltair Nanotechnologies trading halted, for information
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