Altair Nanotechnologies Inc. (Altairnano) reported financial results for the second quarter ended June 30, 2011.
Of these recent highlights, the most significant by far was the closing of the Canon investment. According to the Altairnano, this transaction has been anticipated since early first quarter and with its close now provides Altairnano with a significantly stronger balance sheet. Under the terms of this investment Canon purchased newly issued common shares of Altairnano resulting in its owning 53.3% of the company’s outstanding shares, 49.8% on a fully diluted basis, immediately following the close.