AirNet Technology receives noncompliance notification from Nasdaq

AirNet Technology announced that it received a notification letter from the Listing Qualifications Department of Nasdaq indicating that the company is no longer in compliance with the minimum bid price requirement set forth in Rule 5550 of the Nasdaq Listing Rules as the company’s closing bid price per American depositary share, or ADS, each representing one ordinary share of the company, has been below $1.00 for a period of 30 consecutive business days. The notification letter has no immediate impact on the company’s listing on the Nasdaq Capital Market. Pursuant to Rule 5810 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. If at any time during the compliance period, the closing bid price per ADS is at least $1.00 for a minimum of ten consecutive business days, Nasdaq will provide the company a written confirmation of compliance and the matter will be closed. If the company does not regain compliance by May 28, 2024, the company may be eligible for additional time to regain compliance or may face delisting.