BEIJING, Sept. 20,
2024 /PRNewswire/ -- AirNet Technology Inc., formerly
known as AirMedia Group Inc. ("AirNet" or the "Company") (Nasdaq:
ANTE), today announced that it received two deficiency letters (the
"Deficiency Letters") from the Listing Qualifications Department of
The Nasdaq Stock Market Inc. ("Nasdaq") both dated on September 18, 2024 indicating that (1) the
Company is no longer in compliance with the minimum bid price
requirement set forth in Rule 5550(a)(2) of the Nasdaq Listing
Rules as the Company's closing bid price per American depositary
share ("ADS"), each representing one ordinary share of the Company,
has been below $1.00 for a period of
30 consecutive business days, and (2) the Company is no longer in
compliance with Rule 5550(a)(5) of the Nasdaq Listing Rules for
continued listing due to its failure to maintain a minimum Market
Value of Publicly Held Shares ("MVPHS") of US$1.0 million for a period of 30 consecutive
business days.
The Deficiency Letters have no immediate impact on the Company's
listing on the Nasdaq Capital Market. Pursuant to Rules
5810(c)(3)(A) and 5810(c)(3)(D) of the Nasdaq Listing Rules,
respectively, the Company has a compliance period of 180 calendar
days, or until March 17, 2025 (the "Compliance Period"), to regain
compliance with Nasdaq's minimum bid price and minimum MVPHS
requirements. 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 with the minimum bid price
requirement, and the matter will be closed. If at any time
during the Compliance Period, the Company's MVPHS is at least
US$1.0 million for a minimum of ten consecutive business days,
Nasdaq will provide the Company a written confirmation of
compliance with the minimum MVPHS requirement, and the matter
will be closed.
If the Company does not regain compliance with the minimum bid
price requirement by March 17, 2025,
the Company may be eligible for additional time to regain
compliance. To qualify, the Company must meet the continued
listing requirements for MVPHS and all other initial listing
standards, with the exception of bid price requirement,
of the Nasdaq Capital Market, and provides written notice to Nasdaq
of its intention to cure the deficiency, including by effecting a
reverse stock split, if necessary. If the Company meets these
requirements, Nasdaq will grant an additional 180 calendar days to
the Company (the "Second Compliance Period"). However, if Nasdaq
concludes that the Company will not be able to cure the deficiency,
or if the Company is otherwise not eligible, Nasdaq will provide
notice that the Company's securities will be subject to delisting.
If the Company chooses to implement a reverse stock split, it must
complete the split no later than ten business days prior to
March 17, 2025, or the expiration of
the Second Compliance Period if granted.
In the event the Company does not regain compliance with
the minimum MVPHS requirement by March
17, 2025, the Company will receive written notification that
its securities are subject to delisting. In the event of such
notification, the Company may appeal Nasdaq's determination to
delist its securities, but there can be no assurance Nasdaq would
grant the Company's request for continued listing.
This announcement is made in compliance with the Nasdaq Listing
Rule 5810(b), which requires prompt disclosure of receipt of a
notification of deficiency.
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. 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. Further information is
included in the Company's filings with the U.S. Securities and
Exchange Commission. All information provided in this announcement
is as of the date of this announcement, and 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.
Company Contact
Penny Pei
Investor Relations
AirNet Technology Inc.
Tel: +86-10-8460-8678
Email: penny@ihangmei.com
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SOURCE AirNet Technology Inc.