HOUSTON, Nov. 4, 2022
/PRNewswire/ -- AirNet Technology Inc., formerly known as AirMedia
Group Inc. ("AirNet" or the "Company") (Nasdaq: ANTE), today
announced it has called an extraordinary general meeting of
shareholders (the "EGM"), to be held at Suite 301, No. 26
Dongzhimenwai Street, Chaoyang District, Beijing 100027, People's Republic of China on November 30, 2022 at 10:00
A.M. (Beijing time). The
proposal to be submitted for shareholders' approval at the
extraordinary general meeting is to consider and vote on the
resolution to consolidate every forty of the authorized (whether
issued or unissued) shares of each class of par value of
US$0.001 each in the capital of the
Company into one share of the same class of par value of
US$0.04 each ("Share Consolidation"),
such that following and as a result of the Share Consolidation, the
authorized share capital of the Company will be US$1,000,000 divided into 22,500,000 ordinary
shares of a nominal or par value of US$0.04 each and 2,500,000 preferred shares of a
nominal or par value of US$0.04
each.
The record date (the "Record Date") for determining the
shareholders entitled to receive notice of the extraordinary
general meeting or any adjournment or postponement thereof has been
set as November 7, 2022. Holders of
record of the Company's ordinary shares at the close of business on
the Record Date are entitled to attend the extraordinary general
meeting and any adjournment or postponement thereof in person.
Subject to the approval of Share Consolidation at the EGM, the
Share Consolidation will be effective at 5:00 P.M., on December 9,
2022 (U.S. Eastern time). Any fractional shares held by
any shareholder following and as a result of upon the Share
Consolidation will be rounded up to the next whole number, by means
of the Company issuing to such shareholder such additional fraction
of a share (with a par value of US$0.04), credited as fully paid, as shall be
necessary to achieve such whole number.
The Board has also approved, conditional upon the Share
Consolidation, to change the ratio of its American Depositary
Receipts representing ordinary shares of the Company from one (1)
American depositary share ("ADS") for ten (10) ordinary shares of
the Company to one (1) ADS for one (1) ordinary share of the
Company (the "ADS Ratio Change"). No physical action by ADS holders
will be required to effect the ratio change, as the change will be
effected on the books of the depositary. The effect of the ratio
change on the ADS trading price on the Nasdaq Capital Market is
expected to take place at the open of business on December 12, 2022, assuming the Share
Consolidation is approved at the extraordinary general meeting on
November 30, 2022.
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. 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. Further information is
included in the Company's filings with the U.S. Securities and
Exchange Commission. All information provided in this announcement
is as of the date of this announcement, and 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.