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BEIJING - AirNet Technology Inc. (NASDAQ:ANTE), a provider of in-flight solutions with a market capitalization of $11.75 million, has been notified by the Nasdaq Listing Qualifications Staff that it currently does not meet the Nasdaq Capital Market’s minimum stockholders’ equity requirement. The company, which has seen its revenue decline by 59% in the past year, reported stockholders’ equity below the required $2.5 million threshold in its annual Form 20-F for the year ending December 31, 2024. According to InvestingPro data, the company’s financial health score stands at 2.01 (FAIR), reflecting ongoing operational challenges.
The notice, received on Thursday, does not immediately affect the listing of AirNet’s American depositary shares on Nasdaq. However, the company must submit a compliance plan by June 27, 2025, to address this shortfall. If Nasdaq accepts the plan, AirNet may be granted an extension of up to 180 days to regain compliance.
This development follows a series of challenges, including manufacturing scale-up difficulties, financing hurdles, competitive market changes, key personnel losses, and regulatory approval obstacles for new product candidates. These factors contribute to the uncertainty surrounding the company’s ability to meet future performance expectations. InvestingPro analysis reveals concerning metrics, including negative EBITDA of -$6.75 million and a current ratio of 0.33, indicating potential liquidity issues. Get access to 10+ additional crucial ProTips and comprehensive financial metrics with an InvestingPro subscription.
AirNet’s management is working with advisors to formulate a compliance plan. The company has disclosed its receipt of the Nasdaq notification in accordance with the exchange’s rules and will provide updates on any significant developments.
The company’s forward-looking statements indicate intentions and potential actions to address these issues but also acknowledge the risks and uncertainties inherent in such plans. With a diluted EPS of -$0.95 and significant volatility in its stock price, these forward-looking statements are not guarantees of future performance and are subject to risks that may materially affect actual results.
Investors are encouraged to review AirNet’s filings with the Securities and Exchange Commission for a more comprehensive understanding of the company’s risks and uncertainties. The company has stated that it does not intend to publicly update or revise its forward-looking statements unless required by new information or future events.
This report is based on a press release statement issued by AirNet Technology Inc.
In other recent news, AirNet Technology Inc. has been granted a 180-day extension by Nasdaq to meet the minimum bid price requirement. This extension allows AirNet until September 15, 2025, to increase its share price to at least $1.00 for ten consecutive business days. The company has acknowledged its bid price deficiency and is committed to resolving the issue within this new timeframe. AirNet is considering several strategies to address the bid price requirement, including an American Depositary Share (ADS) ratio change or a reverse stock split. The company has met all other Nasdaq Capital Market continued listing standards, such as market value of publicly held shares and shareholder equity thresholds. AirNet’s management will closely monitor the ADS price to maintain its Nasdaq listing. Investors are advised to review the company’s filings with the Securities and Exchange Commission for a more detailed understanding of the potential risks and forward-looking statements involved.
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