BEIJING, March 14,
2024 /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 on Compliance") from the Listing
Qualifications Department of The Nasdaq Stock Market Inc.
("Nasdaq") on March 13, 2024,
indicating that the Company has regained compliance with the
minimum bid price requirement set forth in Rule 5550(a)(2) of the
Nasdaq Listing Rules.
As previously announced, on November 27,
2023, the Nasdaq notified the Company of its non-compliance
with the Nasdaq's minimum bid price requirement because, as of
November 24, 2023, the Company's
closing bid price per American depositary share ("ADS") was less
than US$1.00 per ADS over the
previous 30 consecutive business days. Pursuant to Rule
5810(c)(3)(A) of the Nasdaq Listing Rules, the Company has a
compliance period of 180 calendar days, or until May 28, 2024, to
regain compliance with Nasdaq's minimum bid price requirement.
According to the Notification Letter on Compliance, the staff of
Nasdaq has determined that for the last 10 consecutive business
days, from February 28 through March 12,
2024, the closing bid price of the Company's ADSs had been
at $1.00 per ADS or greater, and the
Company has regained compliance with Rule 5550(a)(2) of the Nasdaq
Listing Rules.
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.