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AirNet Technology Inc. (NASDAQ:ANTE) issued an amendment Monday to its prior filing from August 20, clarifying details about proposed changes to its share capital structure and an upcoming reverse share split. The company stated in its SEC filing that the amendment corrects clerical errors regarding the authorized share capital and par value of its shares.
According to the revised disclosure, AirNet Technology is seeking shareholder approval to amend its share capital from $40,000,000 divided into 900,000,000 ordinary shares and 100,000,000 preferred shares, each with a par value of $0.04, to $40,000,000 divided into 900,000,000 Class A Ordinary Shares and 100,000,000 Class B Ordinary Shares, also with a par value of $0.04. All issued and authorized but unissued ordinary shares would be re-designated as Class A shares, and authorized but unissued preferred shares would become Class B shares.
The company is also proposing a reverse share split and share consolidation, subject to the approval and implementation of the share capital amendment. The board of directors would be authorized to set a consolidation ratio between one-for-five and one-for-one hundred, reducing the number of authorized and issued Class A and Class B shares by the approved ratio and increasing the par value per share accordingly. For example, at the maximum ratio, the share structure would change to as few as 9,000,000 Class A Ordinary Shares and 1,000,000 Class B Ordinary Shares, each with a par value of $4.
As of August 13, 2025, there were 31,195,477 ordinary shares issued and outstanding, each with a par value of $0.04. Shareholders of record as of that date are entitled to vote on these proposals at the upcoming extraordinary meeting.
The information in this article is based on a statement in the company’s SEC filing.
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