Airnet Technology Inc Stock Price, News & Analysis

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.

AirNet Technology Inc. (Nasdaq: ANTE) announced a capital increase from Dragonpass Co., Ltd., which will involve an initial investment of RMB 10,000,000 for 1.61% equity in one of AirNet's subsidiaries focusing on in-flight media content. The total planned investment is RMB 30,000,000, with RMB 20,000,000 to be negotiated later. The partnership is expected to create new business opportunities and indicates Dragonpass's confidence in AirNet's growth.

AirNet Technology Inc. (Nasdaq: ANTE) announced the adoption of a shareholder rights plan to protect against unfair takeover tactics. Each outstanding ordinary share will receive a right, effective for one year, allowing shareholders to purchase additional shares at an exercise price of US$0.9. The rights become exercisable if any person or group acquires 15% or more of the shares. This plan aims to ensure fair treatment of shareholders during potential acquisition attempts, while also allowing the Board to consider beneficial acquisition offers.