BEIJING, April 21, 2020 /PRNewswire/ -- AirNet Technology
Inc., formerly known as AirMedia Group Inc. ("AirNet" or the
"Company") (Nasdaq: ANTE), an in-flight solution provider on
connectivity, entertainment, and digital multimedia in China,
today announced that it received a notification letter (the
"Notice") from the Listing Qualifications Department of The Nasdaq
Stock Market Inc. ("Nasdaq") dated on April
17, 2020 stating Nasdaq's
determination to toll the compliance periods for bid price and market value of publicly held
shares requirements (collectively, the "Price-based Requirements")
through June 30, 2020. The Notice
further stated that on April 16,
2020, Nasdaq filed an immediately effective rule change with
the Securities and Exchange Commission to toll the compliance
periods for the Price-based Requirements .
Accordingly, since the Company had 163 calendar days remaining
in its bid price compliance period as of April 16, 2020, the Company will, upon
reinstatement of the Price-based Requirements, still have 163 days
from July 1, 2020, or until
December 10, 2020, to regain
compliance. The Company can regain compliance, either during the
suspension or during the compliance period resuming after the
suspension, by evidencing compliance with the Price-based
Requirements for a minimum of 10 consecutive trading days.
About AirNet Technology Inc.
Incorporated in 2007 and headquartered
in Beijing, China, and formerly known as AirMedia Group
Inc, AirNet (Nasdaq: ANTE) provides in-flight solutions to
connectivity, entertainment and digital multimedia in China.
Collaborating with our partners, AirNet 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
at http://ir.ihangmei.com
Forward-Looking Statements
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.
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SOURCE AirNet Technology Inc.