Glory Star New Media Group Holdings Limited Receives Nasdaq Minimum Bid Price Requirement Extension
September 20 2023 - 4:01PM
Glory Star New Media Group Holdings Limited (NASDAQ: GSMG) (“Glory
Star” or the “Company”), a leading provider of next-generation
mobile internet infrastructure and platform services, today
announced that on September 19, 2023, it received notification from
The Nasdaq Stock Market LLC ("NASDAQ") confirming the Company has
been granted an additional 180 calendar day period for compliance
under its minimum bid price requirement through March 18, 2024. To
regain compliance with NASDAQ’s minimum bid price requirement, the
closing bid price of the Company's ordinary shares needs to be at
least $1.00 per share or greater for at least ten consecutive
business days by March 18, 2024.
About Glory Star
As a preeminent provider of next-generation
mobile internet infrastructure and platform services in China,
Glory Star is dedicated to building a digital ecosystem that
integrates “platforms, applications, technology, and industry” into
a cohesive system, thereby creating a new, open business
environment for web3.0 that leverages AI technology. The Company is
developing a 5G+VR+AR+AI shared universe space that builds on
cutting-edge technologies including blockchain, cloud computing,
extended reality, and digital twin.
Glory Star’s portfolio includes a wide range of
products and services, such as Polaris Intelligent Cloud, CHEERS
Telepathy, CHEERS Open Platform, CHEERS Video, CHEERS e-Mall,
CheerReal, CheerCar, CheerChat, CHEERS Fresh Group-Buying
E-commerce Platform, Digital Innovation Research Institute, CHEERS
Livestreaming, variety show series, IP short video matrix, and
more. These offerings provide diverse application scenarios that
seamlessly blend “online/offline” and “virtual/reality”
elements.
With “CHEERS+” at the core of Glory Star’s
ecosystem, the Company is committed to consolidating and
strengthening its core competitiveness, and achieving long-term
sustainable and scalable growth.
For more information, please visit
http://ir.gsmg.co/.
Safe Harbor Statement
Certain statements made in this release are
“forward looking statements” within the meaning of the “safe
harbor” provisions of the United States Private Securities
Litigation Reform Act of 1995. When used in this press release, the
words “estimates,” “projected,” “expects,” “anticipates,”
“forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,”
“will,” “should,” “future,” “propose” and variations of these words
or similar expressions (or the negative versions of such words or
expressions) are intended to identify forward-looking statements.
These forward-looking statements are not guarantees of future
performance, conditions or results, and involve a number of known
and unknown risks, uncertainties, assumptions and other important
factors, many of which are outside the Company’s control, that
could cause actual results or outcomes to differ materially from
those discussed in the forward-looking statements. Important
factors, among others, are: the ability to manage growth; ability
to identify and integrate other future acquisitions; ability to
obtain additional financing in the future to fund capital
expenditures; fluctuations in general economic and business
conditions; costs or other factors adversely affecting our
profitability; litigation involving patents, intellectual property,
and other matters; potential changes in the legislative and
regulatory environment; a pandemic or epidemic; the occurrence of
any event, change or other circumstances that could affect the
Company’s ability to continue successful development and launch of
its metaverse experience centers; the possibility that the Company
may not succeed in developing its new lines of businesses due to,
among other things, changes in the business environment and
technological developments, competition, changes in regulation, or
other economic and policy factors; disruptions or other business
interruptions that may affect the operations of our products and
services, the possibility that the Company’s new lines of business
may be adversely affected by other economic, business, and/or
competitive factors; other factors, risks and uncertainties set
forth in documents filed by the Company with the Securities and
Exchange Commission from time to time, including the Company’s
latest Annual Report on Form 20-F filed with the SEC on March 22,
2023, as amended. The Company undertakes no obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by
applicable law. Such information speaks only as of the date of this
release.
For investor and media inquiries, please
contact:
Wealth Financial Services LLCConnie Kang,
PartnerEmail: ckang@wealthfsllc.comTel: +86 1381 185 7742
(CN)
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