285  0 Kommentare AirNet Announces Receipt of Nasdaq’s Determination to Grant Extension to Regain Compliance

BEIJING, May 08, 2024 (GLOBE NEWSWIRE) -- AirNet Technology Inc., formerly known as AirMedia Group Inc. (“AirNet” or the “Company”) (Nasdaq: ANTE), today announced that it received a notification letter dated April 29, 2024 from the Listing Qualifications Department of The Nasdaq Stock Market Inc. (the “Nasdaq”) notifying that Nasdaq has determined to grant the Company an extension to regain compliance with the Nasdaq Listing Rule 5550(b)(1) for continued listing (the “Rule”).

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As previously reported, on January 5, 2024, the Company received written notice from Nasdaq notifying the Company that, based on the Company’s stockholders’ equity as reported in the Company’s Form 6-K dated December 28, 2023, the Company did not meet the minimum stockholders’ equity requirement for continued listing due to its failure to maintain a minimum of $2.5 million in stockholders’ equity (“Minimum Stockholders’ Equity Requirement”), or the alternatives of market value of listed securities or net income from continuing operations for continued listing under the Rule. On February 8, 2024, the Company submitted to Nasdaq its plan to regain compliance with the Minimum Stockholders’ Equity Requirement, as supplemented with additional materials on March 10, 2023 (the “Plan”). Based on the Plan, Nasdaq has determined to grant the Company an extension to regain compliance with the Rule and provided the Company with two alternatives to evidence compliance with the Rule. Pursuant to the first alternative, the Company must furnish to the SEC and Nasdaq a publicly available report including: (1) a disclosure of Nasdaq’s deficiency letter and the specific deficiencies cited, (2) a description of the completed transaction or event that enabled the Company to satisfy the Minimum Stockholders’ Equity Requirement, (3) an affirmative statement that, as of the date of such publicly available report, the Company believes it has regained compliance with the Minimum Stockholders’ Equity Requirement based upon the specific transaction or event referenced in (2), and (4) a disclosure stating that Nasdaq will continue to monitor the Company’s ongoing compliance with the Minimum Stockholders’ Equity Requirement and, if at the time of its next periodic report the Company does not evidence compliance, that it may be subject to delisting.