BEIJING, July 6, 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 dated July 2,
2020 (the "Deficiency Letter") from the Listing
Qualifications Department of The Nasdaq Stock Market Inc. (the
"Nasdaq") notifying that the Company is no longer in compliance
with the Nasdaq Listing Rule 5250(c)(1) for continued listing due
to its failure to timely file its annual report on Form 20-F for
the year ended December 31, 2019 (the
"Annual Report") with the U.S. Securities and Exchange
Commission.
Under the Nasdaq Listing Rule 5810(c)(2)(F)(i), the Company has
until August 31, 2020 (that is, 60
calendar days from the date of the Deficiency Letter) to submit to
Nasdaq a plan (the "Compliance Plan") to regain compliance with the
Nasdaq Listing Rules. The Company intends to submit the Compliance
Plan as soon as practicable.
Under the Nasdaq Listing Rule 5810(c)(2)(F)(ii), if Nasdaq
accepts the Compliance Plan, Nasdaq can grant the Company an
exception until December 28, 2020 (that is, up to 180 calendar days
from the extended due date of the Annual Report) to regain
compliance. The Company's independent registered public accounting
firm will require additional time to conduct an audit of the
Company's financial statements for the year ended December 31,
2019. 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 Capital Market.
This announcement is made in compliance with the Nasdaq Listing
Rule 5810(b), which requires prompt disclosure of receipt of a
notification of deficiency.
About AirNet
Incorporated in 2007 and headquartered in Beijing, China, AirNet provides in-flight
solutions to connectivity, entertainment and digital multimedia in
China. Collaborating with its
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
http://ir.ihangmei.com.
Safe Harbor Statement
This announcement contains forward-looking statements within the
meaning of 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,"
"expects," "is expected to," "anticipates," "aim," "future,"
"intends," "plans," "believes," "are likely to," "estimates,"
"may," "should" and similar expressions, and include, without
limitation, statements regarding the development of the COVID-19
pandemic and its impact on the Company's business operations. The
Company may also make written or oral forward-looking statements in
its reports filed with, or furnished to, the U.S. Securities and
Exchange Commission, in its annual reports 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 the Company's beliefs and expectations, are forward-looking
statements. Forward-looking statements are based upon management's
current expectations and current market and operating conditions,
and involve inherent risks and uncertainties, all of which are
difficult to predict and many of which are beyond the Company's
control, which may cause its actual results, performance or
achievements to differ materially from those in the forward-looking
statements. Potential risks and uncertainties include, but not
limited to the following: its ability to achieve and maintain
profitability; its ability to continuously improve its solutions
and services enabling inflight connectivity; its ability to compete
effectively against its competitors; the expected growth in
consumer spending, average income levels and advertising spending
levels; the growth of the inflight connectivity industry in
China; and government policies
affecting the inflight connectivity industry in China. Further information regarding these and
other risks, uncertainties or factors is included in the Company's
filings with the U.S. Securities and Exchange Commission. 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 law.
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SOURCE AirNet Technology Inc.