AirNet Technology Inc. (Nasdaq: ANTE) has announced it received a notification letter (Deficiency Letter) from Nasdaq´s listing qualifications department, notifying the company that is no longer in compliance with the Nasdaq Listing Rule 5250(c)(1), the company said.
The notification informed AirNet of noncompliance for continued listing due to its failure to timely file its annual report on Form 20-F for the year ended December 31, 2019 with the US Securities and Exchange Commission, the company said.
Under the Nasdaq Listing Rule 5810(c)(2)(F)(i), the Company has until August 31, 2020 (60 calendar days from the date of the Deficiency Letter) to submit to Nasdaq a plan to regain compliance with the Nasdaq Listing Rules. The Company intends to submit the Compliance Plan as soon as practicable.
Under the Nasdaq Listing Rule 5810(c)(2)(F)(ii), if Nasdaq accepts the Compliance Plan, Nasdaq can grant the Company an exception until December 28, 2020 (up to 180 calendar days from the extended due date of the Annual Report) to regain compliance. The Company´s independent registered public accounting firm will require additional time to conduct an audit of the Company´s financial statements for the year ended December 31, 2019. The Company intends to file the Annual Report as soon as practicable.
The Deficiency Letter has no immediate impact on the listing of the Company´s ordinary shares represented by American depositary shares on the Nasdaq Capital Market.
AirNet, formerly known as AirMedia Group Inc., is an in-flight solution provider on connectivity, entertainment, and digital multimedia in China.