BEIJING, Oct. 31, 2019 /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 based on a notification letter (the
"Notification Letter on Compliance") recently received from the
Listing Qualifications Department of The Nasdaq Stock Market Inc.
(the "Nasdaq"), the Company has regained compliance with the
minimum bid price requirement set forth in Rule 5550(a)(2) of the
Nasdaq Listing Rules (the "Minimum Bid Price Requirement").
On September 24, 2019, the Company
received a notification letter from the Nasdaq (the
"Notification Letter on Deficiency") indicating that the closing
bid price per American depositary share ("ADS"), each representing
ten ordinary shares of the Company, had been
below $1.00 for a period of 30 consecutive business days
and that the Company did not meet the Minimum Bid Price
Requirement. The Notification Letter on Deficiency also noted
that the Company has a compliance period of 180 calendar days, or
until March 23, 2020 (the "Compliance
Period"), to regain compliance with the Minimum Bid Price
Requirement. According to the Notification Letter on Deficiency, 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.
According to the Notification Letter on Compliance, the staff of
Nasdaq has determined that for the 10 consecutive business days,
being from October 15 through October 28,
2019, the closing bid price of the Company's ADS has been at
$1.00 per ADS or greater, and the
Company has regained compliance with the Minimum Bid Price
Requirement, and the matter is now closed.
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.
For more information, please contact:
Yan Liu
Director, Investor Relations
AirNet Technology Inc.
Tel: +86-10-8460-8678
Email: ir@ihangmei.com
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SOURCE AirNet Technology Inc.