AirNet Regains Compliance with Nasdaq Minimum Bid Price Requirement

Rhea-AI Summary

AirNet Technology Inc. (ANTE) received a Notification Letter from Nasdaq stating compliance with the minimum bid price requirement after facing non-compliance issues in November 2023. The Company's ADS closing bid price has been at $1.00 or above for the last 10 consecutive business days, ensuring compliance with Nasdaq rules.

Financial Analyst

Regaining compliance with Nasdaq's minimum bid price requirement is a significant financial milestone for AirNet Technology Inc. It directly influences investor perception and can affect the liquidity of the shares. The company's ability to maintain a bid price above the $1 threshold over the consecutive 10-day period demonstrates a recovery in investor confidence and potentially an improved financial outlook.

For stakeholders, the immediate benefit is the continued listing on the Nasdaq, which is crucial for access to capital markets and institutional investors. However, the underlying reasons for the stock's appreciation are paramount. If the price increase is due to fundamental improvements in the company's operations or financials, the long-term outlook may be positive. Conversely, if the increase is driven by speculative trading or temporary factors, the company may face future risks of non-compliance.

Market Research Analyst

From a market perspective, the compliance with Nasdaq's minimum bid price signals a stabilization in AirNet's market valuation. This could attract additional analysis from brokerage firms and market researchers, which in turn can lead to higher visibility among potential investors. However, it is essential to monitor the company's subsequent trading patterns and market performance to ensure that the stock price reflects its intrinsic value and is not subject to volatility.

A critical analysis should include the company's market position, competitive landscape and growth potential. Any discrepancies with industry norms, such as revenue growth, profit margins, or return on equity, should be closely examined to assess the sustainability of AirNet's stock price recovery.

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.

FAQ

What did AirNet Technology Inc. (ANTE) announce regarding Nasdaq compliance?

AirNet Technology Inc. (ANTE) announced that it received a Notification Letter from Nasdaq indicating compliance with the minimum bid price requirement after facing non-compliance issues previously.

When did Nasdaq notify AirNet Technology Inc. (ANTE) of its non-compliance?

Nasdaq notified AirNet Technology Inc. (ANTE) of its non-compliance on November 27, 2023.

What was the closing bid price of the Company's ADSs during the specified period mentioned in the Notification Letter on Compliance?

The closing bid price of AirNet Technology Inc.'s (ANTE) ADSs was $1.00 or greater for the last 10 consecutive business days from February 28 through March 12, 2024.

What is the compliance period given to AirNet Technology Inc. (ANTE) by Nasdaq to regain compliance with the minimum bid price requirement?

AirNet Technology Inc. (ANTE) has a compliance period of 180 calendar days, until May 28, 2024, to regain compliance with Nasdaq's minimum bid price requirement.