Boston, MA 08/21/2014 (wallstreetpr) – Altair Nanotechnologies Inc. (NASDAQ:ALTI) has failed to file its quarterly report on defined form of 10-Q on time. The report in discussion is of for the quarter ended June 30, 2014. It failed to comply with the continuous listing rule 5250(c) (1) of NASDAQ. As a result, it has received letter of non-compliance from NASDAQ.
The details
It is not the first time Altair Nanotechnologies Inc. (NASDAQ:ALTI) has failed to comply with the rules. Previously, the staff of NASDAQ has granted Altair with an extra time limit till 31 July, 2014, for filing annual report on Form 10-K of last year. It also receives additional time till 30 September, 2014 for filing quarterly report on Form 10-Q. Altair cannot file the annual report of last year on Form 10-K even in the extension period.
It has submitted a new timeline to NASDAQ. It is under evaluation and as of now no announcement is made regarding the same. The information on non-compliance has to be released by the company in the form of the press release on the instructions of NASDAQ.
The problem continues
Altair Nanotechnologies Inc. (NASDAQ:ALTI) is continuously dealing with some or other problems from last some time. It received resignation letter from Guo-Hua Sun, the interim CEO, on August 13, 2014. The resignation was given on the basis of lack of time. However, Sun will continue to remain the Director of Altair. After the resignation, the Board of Directors of Altair appointed James T. Zhan, as new CEO of Altair. Before joining Altair, Zhan, age 47, used to serve as GM for Sun Hung Kai Financial. It is a financial advisory firm based in China.
Also, the Board of Directors Altair, appointed Thomas Reddington as Chief Operating Officer of the company. Altair Nanotechnologies Inc. (NASDAQ:ALTI) is going through many significant changes at the structural levels. It should focus on getting the things right otherwise it will have a negative impact on the performance in the coming time.
