China-based AirNet Technology Inc., formerly known as AirMedia Group Inc. (Nasdaq: ANTE), has announced receipt of a notification letter from the the Nasdaq Stock Market, Inc´s Listing Qualifications Department on minimum bid price compliance, the company said.
The notice stated Nasdaq´s determination to toll the compliance periods for bid price and market value of publicly held shares requirements through June 30, 2020. The Notice further stated that on April 16, 2020, Nasdaq filed an immediately effective rule change with the Securities and Exchange Commission to toll the compliance periods for the Price-based Requirements.
Since the Company had 163 calendar days remaining in its bid price compliance period as of April 16, 2020, the Company will, upon reinstatement of the Price-based Requirements, still have 163 days from July 1, 2020, or until December 10, 2020, to regain compliance. The Company can regain compliance, either during the suspension or during the compliance period resuming after the suspension, by evidencing compliance with the Price-based Requirements for a minimum of 10 consecutive trading days.
AirNet Technology Inc. an in-flight solution provider on connectivity, entertainment and digital multimedia in China.