AirNet Technology Inc. announced non-compliance with Nasdaq's stockholders' equity requirement, and plans to submit a compliance plan.
Quiver AI Summary
AirNet Technology Inc. announced that it received a notification from Nasdaq stating it is no longer compliant with the requirement to maintain a minimum of $2.5 million in stockholders' equity, as indicated in its Form 20-F for the fiscal year ending December 31, 2024. The company also does not meet alternative compliance standards regarding its market value or net income. While this notification does not immediately affect the company’s listing, AirNet has until June 27, 2025, to submit a plan to regain compliance. If accepted by Nasdaq, this plan could result in an extension of up to 180 days. The press release includes forward-looking statements regarding various risks and future performance uncertainties, urging investors to review the company’s filings with the SEC for further details.
Potential Positives
- The company has been given 45 calendar days to submit a compliance plan to Nasdaq, allowing time to address its stockholders' equity shortfall.
- If accepted by Nasdaq, the compliance plan could grant an extension of up to 180 calendar days for the company to regain compliance.
- The press release demonstrates transparency by disclosing the notification from Nasdaq in accordance with listing rules.
Potential Negatives
- The company is at risk of being delisted from the Nasdaq Capital Market due to non-compliance with the minimum stockholders' equity requirement.
- AirNet does not currently meet alternative standards for compliance regarding market value of listed securities or net income from continuing operations.
- The notification from Nasdaq indicates potential financial instability, which may affect investor confidence.
FAQ
What led to AirNet's non-compliance notification from Nasdaq?
AirNet's reported stockholders’ equity fell below the required minimum of $2,500,000 for continued listing.
How long does AirNet have to regain compliance with Nasdaq?
AirNet has 45 calendar days, until June 27, 2025, to submit a compliance plan.
Will AirNet's listing on Nasdaq be affected immediately?
No, the notification has no immediate effect on the listing of the Company's shares on Nasdaq.
What actions is AirNet planning to take regarding compliance?
AirNet will work with advisors to submit a plan to regain compliance with Nasdaq standards.
What risks are associated with AirNet's forward-looking statements?
Risks include manufacturing challenges, financing difficulties, competition changes, executive losses, and regulatory approval issues.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$ANTE Hedge Fund Activity
We have seen 5 institutional investors add shares of $ANTE stock to their portfolio, and 5 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- VIRTU FINANCIAL LLC removed 27,428 shares (-100.0%) from their portfolio in Q4 2024, for an estimated $13,028
- HRT FINANCIAL LP added 26,485 shares (+inf%) to their portfolio in Q1 2025, for an estimated $12,307
- TWO SIGMA SECURITIES, LLC added 22,827 shares (+inf%) to their portfolio in Q1 2025, for an estimated $10,607
- UBS GROUP AG added 21,000 shares (+41.9%) to their portfolio in Q1 2025, for an estimated $9,758
- CITADEL ADVISORS LLC removed 19,634 shares (-100.0%) from their portfolio in Q1 2025, for an estimated $9,123
- XTX TOPCO LTD removed 7,440 shares (-40.9%) from their portfolio in Q1 2025, for an estimated $3,457
- RHUMBLINE ADVISERS removed 5,313 shares (-100.0%) from their portfolio in Q1 2025, for an estimated $2,468
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
BEIJING, May 16, 2025 (GLOBE NEWSWIRE) -- AirNet Technology Inc. ("AirNet" or the "Company") (Nasdaq: ANTE), today announced that on May 13, 2025, the Company received a notification letter from the Nasdaq Listing Qualifications Staff of The Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that it is no longer in compliance with the requirement of maintaining a minimum of $2,500,000 in stockholders’ equity for continued listing on the Nasdaq Capital Market set forth in Nasdaq Listing Rule 5550(b)(1) based on the Company’s reported stockholders’ equity in its Form 20-F for the year ended December 31, 2024, which is below the foregoing requirement of minimum stockholders' equity. In addition, the Company does not currently meet the alternative standards of compliance from its market value of listed securities or net income from continuing operations.
The notification received has no immediate effect on the listing of the Company's American depositary shares on Nasdaq. Nasdaq has provided the Company with 45 calendar days, or until June 27, 2025, to submit a plan to regain compliance with the minimum stockholders' equity standard. The Company will be working with its advisors to submit a plan of compliance, that if accepted by Nasdaq, can grant an extension of up to 180 calendar days from the date of the notification letter.
The Company, by filing this press release, discloses its receipt of the notification from Nasdaq in accordance with Nasdaq Listing Rule 5815(a).
Forward-Looking Statement
This press release contains "forward-looking statements." Such statements may be preceded by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential," or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions, and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company's control, and cannot be predicted or quantified, and, consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. None of the outcomes expressed herein are guaranteed. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) our inability to manufacture our product candidates on a commercial scale on our own, or in collaboration with third parties; (ii) difficulties in obtaining financing on commercially reasonable terms; (iii) changes in the size and nature of our competition; (iv) loss of one or more key executives or scientists; and (v) difficulties in securing regulatory approval to proceed to the next level of the clinical trials or to market our product candidates. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company's filings with the Securities and Exchange Commission (SEC), including the Company's Annual Report on Form 20-F and its Current Reports on Form 6-K. Investors are urged to read these documents free of charge on the SEC's website at
http://www.sec.gov
. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.
This press release does not constitute an offer to sell, or the solicitation of an offer to buy any of the Company's securities, nor shall such securities be offered or sold in the United States absent registration or an applicable exemption from registration, nor shall there be any offer, solicitation or sale of any of the Company's securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.
Company Contact
Penny Pei
Investor Relations
AirNet Technology Inc.
Tel: +86-10-8460-8678
Email: penny@ihangmei.com
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
