AirNet Resolves Nasdaq Minimum Market Value of Publicly Held Shares Deficiency

Rhea-AI Summary

AirNet Technology (Nasdaq: ANTE) has successfully resolved its Nasdaq listing compliance issue. The company received confirmation from Nasdaq's Listing Qualifications Staff on November 12, 2024, stating it has regained compliance with the minimum market value of publicly held shares (MVPHS) requirement. This follows a September 18, 2024 notification of non-compliance for failing to maintain a minimum MVPHS of US$1.0 million. The company achieved compliance by maintaining an MVPHS of US$1.0 million or greater from October 28 through November 11, 2024.

Positive

• Regained Nasdaq listing compliance by meeting minimum MVPHS requirement
• Maintained MVPHS above US$1.0 million for required period

Negative

• Previously failed to meet Nasdaq's minimum MVPHS requirement

Insights

Financial Compliance Expert

The resolution of Nasdaq's MVPHS deficiency represents a critical regulatory compliance achievement for AirNet. Meeting the $1.0 million minimum market value requirement for publicly held shares is fundamental for maintaining Nasdaq listing status. While this development removes an immediate delisting risk, investors should note that the company's micro-cap status ($7.2 million market cap) still presents significant volatility and liquidity risks. The quick compliance resolution within two months suggests some market confidence return, but the underlying business fundamentals need careful monitoring given the company's small size.

BEIJING, Nov. 14, 2024 /PRNewswire/ -- AirNet Technology Inc., formerly known as AirMedia Group Inc. ("AirNet" or the "Company") (Nasdaq: ANTE), today announced that it received a written notice from the Listing Qualifications Staff of Nasdaq (the "Staff") on November 12, 2024, notifying the Company that it has regained compliance with the minimum market value of publicly held shares ("MVPHS") requirement under Nasdaq Listing Rule 5550(a)(5).

The Company was previously notified by the Staff on September 18, 2024 that it was not in compliance with the MVPHS requirement due to its failure to maintain a minimum MVPHS of US$1.0 million for a period of 30 consecutive business days. Since then, the Staff has determined that the Company's MVPHS had been US$1.0 million or greater from October 28 through November 11, 2024. Therefore, the Staff determined that the requirement was met on November 12, 2024.

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.

Company Contact

Penny Pei
Investor Relations
AirNet Technology Inc.
Tel: +86-10-8460-8678
Email: penny@ihangmei.com

View original content:https://www.prnewswire.com/news-releases/airnet-resolves-nasdaq-minimum-market-value-of-publicly-held-shares-deficiency-302305202.html

SOURCE AirNet Technology Inc.

FAQ

When did AirNet Technology (ANTE) regain Nasdaq compliance?

AirNet Technology regained Nasdaq compliance on November 12, 2024, after maintaining the required minimum market value of publicly held shares above US$1.0 million from October 28 through November 11, 2024.

What was the minimum MVPHS requirement AirNet (ANTE) needed to meet for Nasdaq compliance?

AirNet needed to maintain a minimum market value of publicly held shares (MVPHS) of US$1.0 million for compliance with Nasdaq Listing Rule 5550(a)(5).

When was AirNet Technology (ANTE) first notified of its Nasdaq non-compliance?

AirNet Technology was notified of its non-compliance with Nasdaq's MVPHS requirement on September 18, 2024.