AirNet Technology Inc., formerly known as AirMedia Group Inc, the Chinese in-flight connectivity and entertainment solution provider is at risk from being delisted from Nasdaq.
The company confirmed it has received a notification letter from the Listing Qualifications Department of The Nasdaq Stock Market Inc, indicating that the company is no longer in compliance with the minimum bid price requirement of the Nasdaq Listing Rules as the company’s closing bid price per share has been below US$1.00 for a period of 30 consecutive business days.
AirNet has a compliance period of 180 calendar days, or until 28 September 2020 to regain compliance and shore up its stock price. If at any time during the Compliance Period, the closing bid price per ADS is at least $1.00 for a minimum of 10 consecutive business days, Nasdaq will provide the Company a written confirmation of compliance and the matter will be closed.
This is the second time in six months that AirNet has run foul of Nasdaq’s Minimum Bid Price Requirement.
At the end of October 2019, it regained compliance following a similar notice issue on 24 September 2019.
