Altair sale to raise working capital
Altair Nanotechnologies Inc.
of Reno said last week it struck a deal to raise about $19.2 million through the sale of five million shares of its common stock to institutional investors.
The company said the private sale was priced at $4.05 a share.
On the day the transaction was announced, Altair’s stock opened at $4.95 a share on NASDAQ after trading as $6.62 on exceptionally heavy volume
during the previous week.
Altair said it will use the proceeds of the equity offering for working capital, capital expenditures, research and development and other general corporate purposes.
The private placement was handled by Maxim Group LLC, which received a cash fee equal to 5 percent of the money raised along with a warrant to purchase 250,000 shares of Altair’s stock at $5.265 a share.
The warrant expires in four years.
Altair works in the development of nanotechnology materials for medical and industrial applications.
As of April 7, Washoe County and the cities of Reno and Sparks received over 350 complaints about non-essential businesses remaining open. Compliance staff is investigating and giving initial courtesy notices — no citations have yet been given.