AirNet Technology Inc., formerly known as AirMedia Group Inc. ("AirNet" or the "Company") (NASDAQ:ANTE), an in-flight solution provider on connectivity, entertainment, and digital multimedia in China, today announced that it received a notification letter (the "Notification Letter on Compliance") from the Listing Qualifications Department of The Nasdaq Stock Market Inc. (the "Nasdaq") dated February 18, 2021, indicating that the Company has regained compliance with the minimum market value requirement set forth in Rule 5550(b)(2) of the Nasdaq Listing Rules (the "Minimum Market Value Requirement").
As previously announced, the Company received a notification letter from Nasdaq (the "Deficiency Letter") on September 16, 2020, indicating that the Company failed to comply with Rule 5550(b) of the Nasdaq Listing Rules, which requires a minimum US $2.5 million stockholders' equity, or US $35 million market value of listed securities, or US $500,000 of net income from continuing operations. The Deficiency Letter also noted that the Company has 45 calendar days, or until November 2, 2020, to submit a plan to Nasdaq to regain compliance with Rule 5550(b) of the Nasdaq Listing Rules.
The Company submitted a plan ("Compliance Plan") to Nasdaq in November 2020. After reviewing the Compliance Plan, Nasdaq granted the Company an extension to regain compliance. Under the terms of the extension, the Company must, on or before March 15, 2021, complete the actions undertaken by the Company in the Compliance Plan and evidence compliance with Rule 5550(b) of the Nasdaq Listing Rules.
According to the Notification Letter on Compliance, the staff of Nasdaq has determined that for the last ten consecutive business days, being from February 3 through February 17, 2021, the Company's market value of listed securities has been US$35 million or greater, and the Company has regained compliance with the Minimum Market Value Requirement, and the matter is now closed.