BEIJING, Jan. 4, 2021
/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 on December 30, 2020, it has entered into an
investment agreement (the "Agreement") with Unistar Group Holdings
Ltd. ("Unistar"), an unaffiliated party of the Company. Pursuant to
the Agreement, the Company has agreed to issue 23,876,308 ordinary
shares with a par value of US$0.001
per share (each a "Share"), or approximately 19 % of the Company's
currently outstanding ordinary shares, to Unistar, in exchange for
the delivery and transfer by Unistar to the Company of 500 computer
servers specifically designed for mining cryptocurrencies. The
computer servers were valued at US$
2,530,888.61, representing a per Share consideration of
US$0.106, or US$1.06 per American depositary share of the
Company (each representing ten Shares). The per ADS consideration
represents a 20% discount to the
average closing price of the Company's ADSs over the 20-trading day
period ended on December 29, 2020,
the last trading day prior to the date when the Agreement was
signed.
Mr. Herman Guo, the Chairman and
CEO of the Company, commented "The Company has recognized the needs
to store and analyze data generated from the inflight connectivity
business and the boom of the power of the blockchain technology as
applied to the Company's use cases. With the acquisition of 500
computer servers specifically designed for mining cryptocurrencies,
the Agreement epitomizes the Company's determination to create
values for its investors along with its drive for technological
innovations, which sets the Company on a relentless search for new
venues to expand and broaden the Company's ability to provide
blockchain empowered solutions to its existing and potential
clients. After careful evaluation of this opportunity, the Company
is convinced that it is the right time to take another leap in
technological innovation and form a new line of business embracing
the mining of cryptocurrencies and future applications derived upon
cryptocurrencies."
About AirNet Technology Inc.
Incorporated in 2007 and headquartered
in Beijing, China, AirNet provides in-flight solutions to
connectivity, entertainment and digital multimedia in China.
Collaborating with its 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 U.S. Private
Securities Litigation Reform Act of 1995. These forward-looking
statements can be identified by terminology such as "will,"
"expects," "is expected to," "anticipates," "aim," "future,"
"intends," "plans," "believes," "are likely to," "estimates,"
"may," "should" and similar expressions. The Company may also make
written or oral forward-looking statements in its reports filed
with, or furnished to, the U.S. Securities and Exchange Commission,
in its annual reports to shareholders, in press releases and other
written materials and in oral statements made by its officers,
directors or employees to third parties. Statements that are not
historical facts, including statements about the Company's beliefs
and expectations, are forward-looking statements. Forward-looking
statements are based upon management's current expectations and
current market and operating conditions, and involve inherent risks
and uncertainties, all of which are difficult to predict and many
of which are beyond the Company's control, which may cause its
actual results, performance or achievements to differ materially
from those in the forward-looking statements. Potential risks and
uncertainties include, but not limited to the following: its
ability to achieve and maintain profitability; its ability to
continuously improve its solutions and services enabling inflight
connectivity; its ability to compete effectively against its
competitors; the expected growth in consumer spending, average
income levels and advertising spending levels; the growth of the
inflight connectivity industry in China; and government policies affecting the
inflight connectivity industry in China. Further information regarding these and
other risks, uncertainties or factors is included in the Company's
filings with the U.S. Securities and Exchange Commission. The
Company does not undertake any obligation to update any
forward-looking statement as a result of new information, future
events or otherwise, except as required under law.
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SOURCE AirNet Technology Inc.