BEIJING, Nov. 16, 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
"Notification Letter on Compliance") from the Listing
Qualifications Department of The Nasdaq Stock Market Inc. (the
"Nasdaq") dated November 13, 2020,
indicating that 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").
As previously announced, the Company received a notification
letter from Nasdaq (the "Notification Letter on Deficiency")
on March 30, 2020, 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
September 28, 2020, to regain
compliance with the Minimum Bid Price Requirement. Given the
extraordinary market conditions, the Company received a
notification letter from Nasdaq (the "Notification Letter on
Tolling of Compliance Periods") on April 17,
2020, stating Nasdaq's determination to toll the compliance
periods for bid price and market value of publicly held shares
requirements (collectively, the "Price-based Requirements") through
June 30, 2020. Given that the Company
had 163 calendar days remaining in its bid price compliance period
as of April 16, 2020, the Company has
163 days since the reinstatement of the Price-based Requirements on
July 1, 2020, or until December 10, 2020 (the "Compliance Period"), to
regain compliance with the Minimum Bid Price Requirement.
Based on the Notification Letter on Deficiency and the
Notification Letter on Tolling of Compliance Periods, if at any
time during the Compliance Period, the closing bid price per ADS is
at least $1.00 for a minimum of ten
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 20 consecutive business days,
being from October 16 through November 12,
2020, 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 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.