AirNet Regains Compliance with Nasdaq Minimum Bid Price Requirement
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.
- 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.