BEIJING, April 1, 2020 /PRNewswire/ -- AirNet Technology
Inc., formerly known as AirMedia Group Inc. ("AirNet" or the
"Company") (Nasdaq: ANTE), an in-flight solution provider on
connectivity, entertainment, and digital multimedia in China,
today announced that it received a notification letter (the
"Notice") from the Listing Qualifications Department of The Nasdaq
Stock Market Inc. ("Nasdaq") dated on March
30, 2020 indicating that the Company is no longer in
compliance with the minimum bid price requirement set forth in Rule
5550(a)(2) of the Nasdaq Listing Rules as the Company's closing bid
price per American depositary share ("ADS"), each representing ten
ordinary shares of the Company, has been below $1.00 for
a period of 30 consecutive business days. The Nasdaq notification
letter does not result in the immediate delisting of the Company's
securities.
Pursuant to Rule 5810(c)(3)(A) of the Nasdaq Listing Rules, the
Company has a compliance period of 180 calendar days, or until
September 28, 2020 (the "Compliance Period"), to regain compliance
with Nasdaq's minimum bid price requirement. If at any time during
the Compliance Period, the closing bid price per ADS is at least
$1.00 for a minimum of 10 consecutive business days, Nasdaq
will provide the Company a written confirmation of compliance and
the matter will be closed.
In the event that the Company does not regain compliance
by September 28, 2020, subject to the determination by the
staff of Nasdaq, it may be eligible for an additional 180 calendar
days compliance period if it meets the continued listing
requirements, with the exception of bid price requirement, of the
Nasdaq Capital Market, and provides written notice to Nasdaq of its
intention to cure the deficiency.
About AirNet Technology Inc.
Incorporated in 2007 and headquartered
in Beijing, China, and formerly known as AirMedia Group
Inc, AirNet (Nasdaq: ANTE) provides in-flight solutions to
connectivity, entertainment and digital multimedia in China.
Collaborating with our partners, AirNet empowers Chinese airlines
with seamlessly immersive Internet connections through a network of
satellites and land-based beacons, provides airline travelers with
interactive entertainment and a coverage of breaking news, and
furnishes corporate clients with advertisements tailored to the
perceptions of the travelers. For more information, please visit us
at http://ir.ihangmei.com
Forward-Looking Statements
This announcement contains forward-looking statements within the
meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. All statements other than statements
of historical fact in this announcement are forward-looking
statements, including but not limited to, the Company's business
strategies and initiatives as well as the Company's business plans;
the Company's future business development, results of operations
and financial condition; expected changes in the Company's revenue
and certain cost or expense items; trends and competition
in China; general economic and business conditions
in China; and other risks detailed in the Company's filings
with the Securities and Exchange Commission. These forward-looking
statements involve known and unknown risks and uncertainties and
are based on current expectations and projections about future
events and financial trends that the Company believes may affect
its financial condition, results of operations, business strategy
and financial needs. Investors can identify these forward-looking
statements by words or phrases such as "may," "will," "expect,"
"anticipate," "aim," "estimate," "intend," "plan," "believe,"
"potential," "continue," "is/are likely to" or other similar
expressions. The Company undertakes no obligation to update
forward-looking statements to reflect subsequent occurring events
or circumstances, or changes in its expectations, except as may be
required by law. Although the Company believes that the
expectations expressed in these forward-looking statements are
reasonable, it cannot assure you that such expectations will turn
out to be correct, and the Company cautions investors that actual
results may differ materially from the anticipated results.
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SOURCE AirNet Technology Inc.