BEIJING, May 7, 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 based
on a notice recently received from the Listing Qualifications
Department of The Nasdaq Stock Market Inc. ("Nasdaq"), the Company
has regained compliance with the minimum bid price requirement set
forth in Rule 5550(a)(2) of the Nasdaq Listing Rules.
On May 8, 2018, the Company received a notification
letter from the Nasdaq that the minimum bid price per American
depositary share ("ADS"), each representing two ordinary shares of
the Company, was below $1.00 for a period of 30
consecutive business days and that the Company did not meet the
minimum bid price requirement. To regain compliance with such
requirement, the Company executed a ratio change for its American
Depositary Receipt ("ADR") program on March
29, 2019. Effective on April 11,
2019, the ratio of the Company's ADSs to ordinary shares
changed from one ADS representing two (2) ordinary shares to one
ADS representing ten (10) ordinary shares.
Beginning April 11, 2019, the
closing bid price of the Company's ADS has been raised above
$1.00 per ADS. Accordingly, the
Company has regained compliance with the Nasdaq's minimum bid price requirement.
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.