HOUSTON, Oct. 24,
2022 /PRNewswire/ -- AirNet Technology Inc., formerly
known as AirMedia Group Inc. ("AirNet" or the "Company") (Nasdaq:
ANTE), today announced that it received a notification letter (the
"Notification Letter") from the Listing Qualifications Department
of The Nasdaq Stock Market Inc. ("Nasdaq") dated on October 20, 2022 indicating that the Company is
no longer in compliance with the minimum bid price requirement set
forth in Rule 5550(a)(2) of the Nasdaq Listing Rules as the
Company's closing bid price per American depositary share ("ADS"),
each representing ten ordinary shares of the Company, has been
below $1.00 for a period of 30
consecutive business days.
The Notification Letter has no immediate impact on the Company's
listing on the Nasdaq Capital Market. Pursuant to Rule
5810(c)(3)(A) of the Nasdaq Listing Rules, the Company has a
compliance period of 180 calendar days, or until April 18, 2023
(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 ten consecutive business days, Nasdaq will provide the
Company a written confirmation of compliance and the matter will be
closed. If the Company does not regain compliance by April 18,
2023, the Company may be eligible for additional time to regain
compliance or may face delisting.
Forward-Looking Statements
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. 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. 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. Further information is
included in the Company's filings with the U.S. Securities and
Exchange Commission. All information provided in this announcement
is as of the date of this announcement, 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 law.
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SOURCE AirNet Technology Inc.