AirNet Technology receives 296,367 Solana tokens from warrant exercise

BEIJING - AirNet Technology Inc. (Nasdaq:ANTE), whose stock has surged over 550% in the past six months, has received approximately 296,367 Solana (SOL) tokens following the exercise of warrants from a previous financing round, the company announced Thursday.

The digital asset acquisition comes as part of AirNet’s recent strategic shift in business direction. The micro-cap company, currently valued at $10.75 million, did not disclose the current market value of the received Solana tokens or specific details about how the digital assets would be utilized. According to InvestingPro data, the company faces significant financial challenges with a negative EBITDA of $6.75 million.

"This warrant exercise, paid in a prominent digital asset like Solana, is a testament to the confidence our investors have in our new direction," said Dan Shao, CEO of AirNet, in a press release statement.

The Beijing-based company, which trades on the Nasdaq, did not provide additional information about the warrant terms or the identity of the investors who exercised the warrants.

AirNet Technology has been undergoing a business transformation, though the announcement did not elaborate on the specific nature of the company’s new strategic direction or how the Solana tokens fit into its operational plans.

The company was previously known for its air travel media network in China before pivoting to new business areas. This warrant exercise represents a significant acquisition of cryptocurrency assets for the firm as it continues its business evolution. InvestingPro analysis reveals 12 additional key insights about AirNet’s financial health and market position, helping investors better understand the company’s transformation journey.

In other recent news, AirNet Technology Inc. has announced a $180 million registered direct offering, involving 80,826,225 ordinary shares and accompanying warrants. The combined purchase price for each ordinary share and warrant is set at $2.227, with warrants exercisable at $3.3405 per share. The offering is expected to close soon, pending customary conditions. Additionally, AirNet Technology has clarified its plans for a reverse share split and amendments to its share capital structure, seeking shareholder approval for re-designating its shares into Class A and Class B categories. The company has also scheduled an extraordinary shareholder meeting, although the specific date and agenda items have not been disclosed.

In a strategic move, AirNet Technology appointed Vikram Seth as Fractional Chief Investment Officer to guide the company’s investments in Web3 and cryptocurrency initiatives. Seth brings experience from his previous role at Shell plc, where he led Web3 innovation efforts. These developments come as AirNet Technology aims to strengthen its financial and strategic positioning.

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