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AirNet Technology Inc. (Nasdaq: ANTE), formerly known as AirMedia Group Inc., is a media production company headquartered in Beijing, China. The company specializes in providing in-flight connectivity solutions, entertainment, and digital multimedia services. AirNet offers Internet access via a network of satellites and land-based beacons, delivering interactive entertainment and real-time news to airline travelers.
In addition to connectivity solutions, AirNet also offers tailored advertisement services to corporate clients, leveraging the high engagement of in-flight audiences. The company's revenue streams primarily come from selling advertising time slots on its networks and from cryptocurrency mining operations.
In recent developments, AirNet has faced challenges with Nasdaq compliance. In late 2023, the company received a notification for non-compliance with the minimum bid price requirement but regained compliance by March 2024. Additionally, the company addressed a deficiency in stockholders’ equity, securing extensions and completing transactions that restored its standing by May 2024.
Financially, AirNet reported substantial declines in several metrics for the first half of 2023. Despite a history of operating losses, the company continues to explore strategies to drive revenue, including recent investments in cryptocurrency mining. In May 2024, AirNet announced the purchase of 6,218 Bitcoin Miner S21 units, indicating its strategic pivot towards the burgeoning cryptocurrency market.
AirNet's management team has also undergone significant changes, with recent appointments aimed at strengthening its leadership. Notably, Ms. Fuying Yan and Mr. Shirong Tong joined the senior management team in early 2024, bringing extensive experience in the aviation and academic sectors respectively.
Looking ahead, AirNet remains committed to expanding its media network business and leveraging new opportunities in the cryptocurrency domain to mitigate operating losses and enhance shareholder value.
AirNet Technology Inc. (Nasdaq: ANTE), an in-flight solutions provider, announced the appointment of Audit Alliance LLP as its new independent registered public accounting firm, replacing Marcum Bernstein & Pinchuk LLP. This change is effective December 31, 2021, following careful consideration by the Board of Directors. The company did not consult with Audit Alliance regarding any matters during the fiscal years ending December 31, 2020, and 2019, or the interim period through December 31, 2021. AirNet is coordinating with both firms to ensure a smooth transition.
AirNet Technology Inc. (Nasdaq: ANTE) announced a management change effective March 5, 2021, with CFO Xin Li resigning for personal reasons that do not involve any disputes. Herman Man Guo, the current chairman and CEO, will serve as interim CFO until a permanent replacement is found. Li will remain with the company as a consultant until September 4, 2021. The board expressed gratitude for Li's contributions. AirNet continues to provide in-flight connectivity and entertainment solutions across China, leveraging satellite and land-based networks to enhance airline passenger experiences.
AirNet Technology Inc. (Nasdaq: ANTE) announced on February 19, 2021, that it has regained compliance with Nasdaq's minimum market value requirement following a notification letter dated February 18, 2021. This compliance comes after previously receiving a deficiency letter on September 16, 2020, related to its market value of listed securities. AirNet's successful compliance was confirmed as its market value exceeded $35 million for ten consecutive business days from February 3 to February 17, 2021, thus closing the matter with Nasdaq.
AirNet Technology Inc. (Nasdaq: ANTE) announced an investment agreement with Northern Shore Group Ltd. on February 4, 2021. The company will issue 28,412,806 shares, representing approximately 19% of current shares, in exchange for computer servers valued at $5,540,497.19. This deal includes either 401 A10 Pro or 1,200 588/580-8 servers for cryptocurrency mining. The per share consideration is $0.195, reflecting a 20% discount to the average closing price over the previous 20 trading days. The CEO stated that the initial cryptocurrency mining efforts have been successful, attracting new investors.
AirNet Technology Inc. (Nasdaq: ANTE) announced an investment agreement with Unistar Group Holdings Ltd. on December 30, 2020. AirNet will issue 23,876,308 ordinary shares to Unistar, representing about 19% of its current outstanding shares, in exchange for 500 cryptocurrency mining servers valued at approximately $2.53 million. This transaction provides a 20% discount on recent stock prices. The acquisition is aimed at enhancing data storage and analytics capabilities to expand AirNet's blockchain solutions in the in-flight connectivity sector.
AirNet Technology Inc. (NASDAQ: ANTE) announced that it received a Notification Letter from Nasdaq granting an extension to regain compliance with the minimum stockholders' equity requirement. Previously, the Company reported negative stockholders' equity of approximately US$19 million, failing to meet the US$2.5 million minimum. Following the submission of a Compliance Plan, the new deadline to demonstrate compliance is set for March 15, 2021. Failure to meet this requirement may result in delisting proceedings, though trading under the symbol ANTE will continue uninterrupted until then.
AirNet Technology Inc. (Nasdaq: ANTE) announced it has regained compliance with Nasdaq's minimum bid price requirement. This follows a Notification Letter received on November 13, 2020, confirming that the closing bid price per American depositary share (ADS) was at least $1.00 for 20 consecutive business days ending November 12, 2020. Previously, on March 30, 2020, the company had been notified of a deficiency due to a bid price below $1.00. With this compliance, the matter is now closed.
AirNet Technology Inc. (Nasdaq: ANTE) has announced an equity purchase agreement to acquire 100% of BitGeek Information Technology Co., Ltd. through the issuance of ordinary shares. The acquisition aims to enhance AirNet's capabilities in blockchain technology and cloud computing solutions. Mr. Herman Guo, Chairman and CEO, highlighted the strategic alignment with BitGeek's expertise. However, the announcement included caution against placing undue reliance on the details shared, noting that a binding agreement may not be finalized.
AirNet Technology Inc. (Nasdaq: ANTE) received a Deficiency Letter from Nasdaq on September 16, 2020, for failing to maintain the required $2.5 million in stockholders' equity. As of December 31, 2019, the company reported a negative stockholders' equity of approximately $19 million. The company has until November 2, 2020, to submit a Compliance Plan to regain compliance. Failure to comply with the minimum bid price requirement by December 10, 2020, could further jeopardize its listing.
AirNet Technology Inc. (Nasdaq: ANTE) announced the filing of its annual report on Form 20-F for the fiscal year ending December 31, 2019, with the SEC on September 14, 2020. The report is accessible on the SEC website and the company’s investor relations site. Shareholders can request a hard copy of the report, which includes audited consolidated financial statements, free of charge. AirNet specializes in providing in-flight connectivity, entertainment, and digital multimedia solutions for Chinese airlines, enhancing travelers' experiences through its advanced network.
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