BEIJING, Feb. 5, 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 on February 4,
2021, it has entered into an investment agreement (the
"Agreement") with Northern Shore Group Ltd. ("Northern Shore"), an
unaffiliated party of the Company. Pursuant to the Agreement, the
Company has agreed to issue 28,412,806 ordinary shares with a par
value of US$0.001 per share (each a
"Share"), or approximately 19 % of the Company's currently
outstanding Shares, to Northern Shore, in exchange for the delivery
and transfer from Northern Shore to the Company of either 401 A10
Pro or 1,200 588/580-8 computer servers specifically designed for
mining cryptocurrencies depending upon availability prior to the
closing date. The computer servers are valued at US$ 5,540,497.19, representing a per Share
consideration of US$0.195, or
US$1.95 per American depositary share
of the Company (each representing ten Shares). The per ADS
consideration represents a 20% discount to the average closing
price of the Company's ADSs over the 20-trading day period ended on
February 2, 2021 Eastern Time, two
trading days prior to the date on which the Agreement was
signed.
Mr. Herman Guo, the Chairman and
CEO of the Company, commented, "Upon completion of our previous
issuance of new shares, our initial attempt in mining of
cryptocurrencies has seen a great success and drawn a great
attention from new investors, which further amplify the Company's
determination to expand its operation in mining of
cryptocurrencies. The Company further determines to direct its
available resources to extend its knowledge base in
cryptocurrencies and to ensure a continuous success in its
operations to mine cryptocurrencies."
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 its 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.