Altair Nanotechnologies Inc. (NASDAQ: ALTI) shares jumped 29.6% Monday morning to $1.40, after the company today announced it had closed on a Share Subscription Agreement with Canon Investment Holdings Limited (Canon), through its affiliate, Energy Storage Technology (China) Group Limited (EST). Volume for Altair stock was 2.7 million shares, compared to a daily average of just over 225,000.
A news release put out on July 25 spelled out that, under the terms of the agreement, Altairnano issued 37,036,807 common shares to EST at $1.5528 per share, providing $57.5 million in proceeds to Altairnano. Following the closing of this transaction, there are 69,452,487 Altairnano common shares outstanding.
On September 20, 2010, Altairnano announced that it had entered into the Share Subscription Agreement, as amended, under which Canon had agreed to purchase newly issued common shares of Altairnano, which resulted in EST owning 53.3% of Altairnano’s common shares, 49.8% on a fully diluted basis, immediately following the closing.
“While this transaction took considerably longer to close than expected, the Canon investment allows us to now focus on growing the business and creating shareholder wealth,” said Terry Copeland, Altairnano president and Chief Executive Officer.
Headquartered in Reno, Nev. with manufacturing in Anderson, Ind., Altairnano is a leading provider of energy storage systems for clean, efficient power and energy management. Altairnano’s nano lithium-ion titanate-based solutions are among the highest performing and most scalable, with applications that include complete energy storage systems for frequency regulation and renewables integration for the electric grid, and battery modules and cells for transportation and industrial applications.