BEIJING, May 23, 2017 /PRNewswire/ -- AirMedia Group Inc.
("AirMedia" or the "Company") (NASDAQ: AMCN), an operator of
out-of-home advertising platforms in China targeting mid-to-high-end consumers as
well as a first-mover in the travel Wi-Fi market, today announced
that it has received a letter dated May 18,
2017 (the "Deficiency Letter") from The NASDAQ Stock Market,
Inc. ("NASDAQ") notifying the Company that it is not in compliance
with NASDAQ Listing Rule 5250(c)(1) for continued listing because
its annual report on Form 20-F for the year ended December 31, 2016 (the "Annual Report") was not
filed on a timely basis with the Securities and Exchange
Commission.
Under NASDAQ Listing Rule 5810(c)(2)(F)(i), the Company has
until July 17, 2017 (that is, 60
calendar days from the date of the Deficiency Letter) to submit to
NASDAQ a plan to regain compliance with the NASDAQ Listing Rules
(the "Compliance Plan"). The Company intends to submit the
Compliance Plan as soon as practicable.
Under NASDAQ Listing Rule 5810(c)(2)(F)(ii), if NASDAQ accepts
the Compliance Plan, NASDAQ can grant the Company an exception
until November 14, 2017 the latest (that is, up to 180 calendar
days from the extended due date of the Annual Report) to regain
compliance. The Company is currently in the process of
transitioning to a new independent registered public accounting
firm that will require additional time to conduct an audit of the
Company's financial statements for the year ended December 31,
2016. The Company intends to file the Annual Report as soon as
practicable.
The Deficiency Letter has no immediate impact on the listing of
the Company's ordinary shares represented by American depositary
shares on the Nasdaq Global Market under the symbol "AMCN."
This announcement is made in compliance with NASDAQ Listing Rule
5810(b), which requires prompt disclosure of receipt of a
deficiency notification.
About AirMedia
AirMedia Group Inc. (Nasdaq: AMCN) is an operator of out-of-home
advertising platforms in China
targeting mid-to-high-end consumers as well as a first-mover in the
travel Wi-Fi market. AirMedia sells advertisements on the routes
operated by several Chinese airlines and at Sinopec's service
stations in China. AirMedia also
has concession rights to operate the Wi-Fi systems on trains
administered by eight railway administrative bureaus in
China as well as on many long-haul
buses in China.
For more information about AirMedia, please visit
http://www.airmedia.net.cn.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under 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," "expect," "anticipate," "future," "intend," "plan,"
"believe," "estimate," "confident" and similar statements. AirMedia
may also make written or oral forward-looking statements in its
reports filed or furnished to the U.S. Securities and Exchange
Commission, in its annual report 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 AirMedia's
beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties. A number of important factors could cause actual
results to differ materially from those contained, either expressly
or impliedly, in any forward-looking statement. All information
provided in this press release is current as of the date of the
press release, 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
applicable law.
Investor Contact:
Richard
Wu
Chief Financial Officer
AirMedia Group Inc.
Tel: +86-10-8460-8678
Email: ir@airmedia.net.cn
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SOURCE AirMedia Group Inc.