BEIJING, Feb. 19, 2021 /PRNewswire/ — AirNet Engineering Inc., formerly identified as AirMedia Team Inc. (“AirNet” or the “Organization”) (Nasdaq: ANTE), an in-flight remedy service provider on connectivity, enjoyment, and digital multimedia in China, currently announced that it been given a notification letter (the “Notification Letter on Compliance”) from the Listing Qualifications Department of The Nasdaq Inventory Sector Inc. (the “Nasdaq”) dated February 18, 2021, indicating that the Corporation has regained compliance with the minimum current market worth prerequisite established forth in Rule 5550(b)(2) of the Nasdaq Listing Procedures (the “Bare minimum Market place Benefit Need”).
As formerly introduced, the Company obtained a notification letter from Nasdaq (the “Deficiency Letter”) on September 16, 2020, indicating that the Corporation unsuccessful to comply with Rule 5550(b) of the Nasdaq Listing Guidelines, which necessitates a bare minimum US $2.5 million stockholders’ equity, or US $35 million market place benefit of detailed securities, or US $500,000 of web profits from continuing functions. The Deficiency Letter also famous that the Firm has 45 calendar days, or until finally November 2, 2020, to submit a program to Nasdaq to regain compliance with Rule 5550(b) of the Nasdaq Listing Rules.
The Business submitted a prepare (“Compliance Strategy”) to Nasdaq in November 2020. Right after reviewing the Compliance System, Nasdaq granted the Enterprise an extension to regain compliance. Less than the terms of the extension, the Enterprise have to, on or in advance of March 15, 2021, total the steps carried out by the Firm in the Compliance Prepare and evidence compliance with Rule 5550(b) of the Nasdaq Listing Rules.
According to the Notification Letter on Compliance, the staff members of Nasdaq has decided that for the previous ten consecutive business times, currently being from February 3 by way of February 17, 2021, the Firm’s market place value of mentioned securities has been US$35 million or better, and the Organization has regained compliance with the Minimal Market Worth Necessity, and the issue is now shut.
About AirNet Technological know-how Inc.
Included in 2007 and headquartered in Beijing, China, AirNet presents in-flight solutions to connectivity, enjoyment and electronic multimedia in China. Collaborating with our partners, AirNet empowers Chinese airways with seamlessly immersive World wide web connections as a result of a community of satellites and land-centered beacons, provides airline vacationers with interactive enjoyment and a protection of breaking information, and furnishes company clientele with advertisements tailored to the perceptions of the vacationers. For extra information, please check out us at http://ir.ihangmei.com
This announcement has forward-looking statements inside the meaning of the harmless harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-on the lookout statements can be discovered by terminology these as “will,” “expects,” “is predicted to,” “anticipates,” “intention,” “upcoming,” “intends,” “options,” “thinks,” “are probably to,” “estimates,” “might,” “should really” and very similar expressions. The Enterprise may also make created or oral forward-wanting statements in its experiences filed with, or furnished to, the U.S. Securities and Exchange Fee, in its yearly experiences to shareholders, in push releases and other created materials and in oral statements produced by its officers, administrators or staff members to 3rd functions. Statements that are not historical details, together with statements about the Company’s beliefs and anticipations, are ahead-searching statements. Ahead-hunting statements are dependent upon management’s current anticipations and recent sector and running circumstances, and include inherent dangers and uncertainties, all of which are difficult to predict and a lot of of which are past the Company’s regulate, which may possibly lead to its real benefits, effectiveness or achievements to differ materially from those people in the ahead-looking statements. Opportunity risks and uncertainties consist of, but not limited to the pursuing: its skill to obtain and sustain profitability its means to constantly increase its solutions and expert services enabling inflight connectivity its capacity to contend correctly towards its opponents the predicted progress in shopper expending, common profits stages and advertising and marketing spending concentrations the advancement of the inflight connectivity market in China and authorities procedures impacting the inflight connectivity marketplace in China. Even further facts about these and other threats, uncertainties or things is involved in the Company’s filings with the U.S. Securities and Exchange Commission. The Firm does not undertake any obligation to update any forward-looking assertion as a consequence of new data, upcoming occasions or normally, besides as required beneath regulation.
Resource AirNet Technological innovation Inc.