BEIJING - AirNet Technology Inc. (NASDAQ:ANTE), a company previously known as AirMedia Group Inc., has received two deficiency letters from the Nasdaq Stock Market for failing to meet the minimum bid price and market value requirements. The notifications, dated September 18, 2024, indicated the company's non-compliance as its closing bid price per American depositary share (ADS) was below $1.00 for 30 consecutive business days and its Market Value of Publicly Held Shares (MVPHS) was under US$1.0 million for the same duration.
The current status does not immediately affect AirNet's listing on the Nasdaq Capital Market. The company has been granted a compliance period until March 17, 2025, to meet the minimum bid price and MVPHS criteria. If AirNet's closing bid price per ADS reaches at least $1.00 for ten consecutive business days during this period, or if the MVPHS is at least US$1.0 million for a similar timeframe, Nasdaq will confirm compliance and close the matter.
Should AirNet fail to comply by the deadline, it may be given an additional 180 days, provided it meets all other initial listing standards except for the bid price, and notifies Nasdaq of its plans to rectify the deficiency, which could include a reverse stock split. The company must complete any such action no later than ten business days before March 17, 2025, or before the expiration of the second compliance period if it is extended.
If AirNet does not meet the MVPHS requirement by the deadline, it risks receiving a delisting notification. The company would then have the option to appeal the decision, but there is no guarantee that Nasdaq would allow the company to maintain its listing.
This announcement is in line with Nasdaq Listing Rule 5810(b), mandating prompt disclosure upon receipt of a deficiency notification. The information is based on a press release statement from AirNet Technology Inc.
InvestingPro Insights
Amidst the challenges faced by AirNet Technology Inc. (NASDAQ:ANTE) in meeting Nasdaq's minimum bid price and market value requirements, the company's financial health and stock performance metrics provide a deeper context. According to InvestingPro data, AirNet's market capitalization stands at a mere $3.96 million, reflecting the company's struggle to maintain investor confidence and market valuation. The stock's Price / Book ratio as of the last twelve months ending Q4 2023 is particularly low at 0.33, which could indicate that the stock is undervalued relative to its book value, or it might also suggest that investors are not confident about the company's assets.
InvestingPro Tips highlight that the stock is currently trading in oversold territory according to the Relative Strength Index (RSI), which may interest some investors looking for potential turnaround candidates. Moreover, the stock's high price volatility is a critical factor for traders to consider, as it implies greater risk and the possibility of substantial price swings. For those interested in a more comprehensive analysis, there are 15 additional InvestingPro Tips available, offering insights into the company's performance within the industry and its financial stability.
Furthermore, recent price performance data paints a stark picture, with the stock experiencing a significant decline of over 72% in the last three months. This downtrend is consistent with the company's performance over the last year, which saw a decrease of approximately 73% in total return. These figures underscore the urgency with which AirNet must address its compliance issues to maintain its Nasdaq listing.
For investors and traders seeking to make informed decisions about AirNet Technology Inc., the additional InvestingPro Tips and real-time metrics can be found at InvestingPro's dedicated page for the company: https://www.investing.com/pro/ANTE.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.