BEIJING, May 11, 2018 /PRNewswire/ -- AirMedia Group
Inc. ("AirMedia" or the "Company") (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 received a notification
letter (the "Notice") from the Listing Qualifications Department of
The Nasdaq Stock Market Inc. ("Nasdaq") on May 8, 2018
notifying the Company 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 set forth in Rule 5450(a)(1)
of the Nasdaq Listing Rules. The Nasdaq notification letter does
not result in the immediate delisting of the Company's
securities.
Pursuant to Rule 5810(c)(3)(A) of the Nasdaq Listing Rules, the
Company has a compliance period of 180 calendar days, or until
November 5, 2018 (the "Compliance Period"), to regain compliance
with Nasdaq's minimum bid price requirement. If at any time during
the Compliance Period, the closing bid price per ADS is at least
$1.00 for a minimum of 10 consecutive business days, Nasdaq will
provide the Company a written confirmation of compliance and the
matter will be closed.
In the event that the Company does not regain compliance by
November 5, 2018, the Company may
transfer to the Nasdaq Capital Market where, subject to the
determination by the staff of Nasdaq, it may be eligible for an
additional 180 calendar day compliance period if it meets the
initial listing requirements, with the exception of bid price, of
the Nasdaq Capital Market, and provides written notice to Nasdaq of
its intention to cure the deficiency.
About AirMedia Group Inc.
Incorporated in 2007 and headquartered in Beijing,
China, AirMedia Group Inc. (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, please
visit http://www.airmedia.net.cn.
Company Contact:
Richard Wu
Chief Financial Officer
AirMedia Group Inc.
Tel: +86-10-8460-8678
Email: ir@ihangmei.com
Investor Contact:
Tina Xiao
President
Ascent Investor Relations LLC
Phone: +1-917-609-0333
Email: tina.xiao@ascent-ir.com
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SOURCE AirMedia Group Inc.