BEIJING, Sept. 18, 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 September 16,
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 5550(b)(1) for continued listing due
to its failure to maintain a minimum of $2.5
million in stockholders' equity. In the Company's Form 20-F
for the fiscal year ended December 31,
2019, the Company reported a negative stockholders' equity
of approximately $19 million. Nasdaq
also determined that the Company does not meet the alternatives of
market value of listed securities or net income from continuing
operations for continued listing.
The Deficiency Letter does not result in the immediate delisting
of the Company's ordinary shares represented by American depositary
shares on the Nasdaq Capital Market. The Company has 45 calendar
days from the date of the Deficiency Letter, or until November 2, 2020, to submit a plan (the
"Compliance Plan") to Nasdaq to regain compliance with the minimum
stockholders' equity standard. If the Compliance Plan is accepted
by Nasdaq, the Company may be granted a compliance period of up to
180 calendar days from the date of the Deficiency Letter to
evidence compliance. However, since Nasdaq previously notified the
Company that its bid price compliance period expires on
December 10, 2020, the Compliance
Plan shall also set forth a plan to address the minimum bid price
requirement by such date.
The Company's management is looking into various options
available to regain compliance and maintain its continued listing
on the Nasdaq Capital Market. The Company intends to submit the
Compliance Plan as soon as practicable.
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.