April 5, 2019 /PRNewswire/
-- AirMedia- Group Inc. ("AirMedia" or the "Company") (Nasdaq:
AMCN), an in-flight solution provider on connectivity,
entertainment, and digital multimedia in China, today announced that the Company,
through its depositary bank, JPMorgan Chase Bank, N.A., filed with
the Securities and Exchange Commission (the "SEC") a Form F-6 on
March 29, 2019 to change the ratio of
its American depositary shares ("ADSs") to ordinary shares from one
(1) ADS representing two (2) ordinary shares to one
(1) ADS representing ten (10) ordinary shares (the "Ratio
Change"), which had been approved by the board of directors of the
Each AirMedia's ADS holder of record will be required to
exchange every five (5) ADSs then held for one (1) new ADS. There
is no change to AirMedia's underlying ordinary shares, and
AirMedia's ADS will continue to trade on Nasdaq under the symbol
The Company anticipates that the Ratio Change will bring
its average ADS price above $1.00 per
ADS in compliance with the Nasdaq minimum bid price listing
requirement. The Company further anticipates that the Ratio Change
will be effective on or around April 11,
2019, subject to the SEC having declared the Form F-6 to be
effective on or before that date.
About AirMedia Group Inc.
Incorporated in 2007 and headquartered in Beijing, China, AirMedia (Nasdaq: AMCN)
provides in-flight solutions to connectivity, entertainment and
digital multimedia in China.
Collaborating with our partners, AirMedia 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
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:
Director, Investor Relations
AirMedia Group Inc.
SOURCE AirMedia Group Inc.