BEIJING, Feb. 19, 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 it received a notification letter (the
"Notification Letter on Compliance") from the Listing
Qualifications Department of The Nasdaq Stock Market Inc. (the
"Nasdaq") dated February 18, 2021,
indicating that the Company has regained compliance with the
minimum market value requirement set forth in Rule 5550(b)(2) of
the Nasdaq Listing Rules (the "Minimum Market Value
Requirement").
As previously announced, the Company received a notification
letter from Nasdaq (the "Deficiency Letter") on September 16, 2020, indicating that the Company
failed to comply with Rule 5550(b) of the Nasdaq Listing Rules,
which requires a minimum US $2.5
million stockholders' equity, or US $35 million market value of listed securities, or
US $500,000 of net income from
continuing operations. The Deficiency Letter also noted that the
Company has 45 calendar days, or until November 2, 2020, to submit a plan to Nasdaq to
regain compliance with Rule 5550(b) of the Nasdaq Listing
Rules.
The Company submitted a plan ("Compliance Plan") to Nasdaq in
November 2020. After reviewing the
Compliance Plan, Nasdaq granted the Company an extension to regain
compliance. Under the terms of the extension, the Company must, on
or before March 15, 2021, complete
the actions undertaken by the Company in the Compliance Plan and
evidence compliance with Rule 5550(b) of the Nasdaq Listing
Rules.
According to the Notification Letter on Compliance, the staff of
Nasdaq has determined that for the last ten consecutive business
days, being from February 3 through February
17, 2021, the Company's market value of listed securities
has been US$35 million or greater,
and the Company has regained compliance with the Minimum Market
Value Requirement, and the matter is now closed.
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 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.