BEIJING,
Nov. 2, 2018 /PRNewswire/ -- AirMedia
Group Inc. ("AirMedia" or the "Company") (Nasdaq: AMCN), an
operator of out-of-home advertising platforms in China targeting mid-to-high-end consumers as
well as a first-mover in the travel Wi-Fi market, today announced
an update on the notification letter (the "Notice") from the
Listing Qualifications Department of The Nasdaq Stock Market Inc.
("Nasdaq") dated May 8, 2018 notifying the Company that the
minimum bid price per American depositary share, each representing
two ordinary shares of the Company, was below $1.00 for a period of 30 consecutive business
days and that the Company did not meet the minimum bid price
requirement set forth in Rule 5450(a)(1) of the Nasdaq Listing
Rules ("Bid-Price Deficiency").
Per the instructions provided in the Notice, the Company
has submitted the online application to transfer to
the Nasdaq Capital Market where, subject to the determination by
the staff of Nasdaq ("Staff"), it may be eligible for an additional
180 calendar day compliance period ("Second Compliance Period") if
it meets the initial listing requirements, with the exception of
bid price, of the Nasdaq Capital Market. The Company has also
provided a written notice to Nasdaq of its intention to
cure the Bid-Price Deficiency and regain compliance during
the Second Compliance Period. Presently, the written notice
applying for the Second Compliance Period is under the Staff's
review.
About AirMedia
Group Inc.
Incorporated in 2007 and headquartered in Beijing, China, AirMedia Group Inc. (AMCN) is
an operator of out-of-home advertising platforms in China targeting mid-to-high-end consumers as
well as a first-mover in the travel Wi-Fi market. AirMedia sells
advertisements on the routes operated by several Chinese airlines
and at Sinopec's service stations in China. AirMedia also has concession rights to
operate the Wi-Fi systems on trains administered by eight railway
administrative bureaus in China as
well as on many long-haul buses in China. For more information, please visit
http://www.airmedia.net.cn.
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.
For more
information, please contact:
Company Contact:
Yan Liu
Director, Investor Relations
AirMedia Group
Inc.
Tel: +86-10-8460-8678
Email:
ir@ihangmei.com
Investor Contact:
Tina
Xiao
President
Ascent
Investor Relations LLC
Phone:
+1-917-609-0333
Email:
tina.xiao@ascent-ir.com
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SOURCE AirMedia Group Inc.