AirNet Technology Inc., formerly known as AirMedia Group Inc. and trading under the ticker ANTE, has received a non-compliance notice from Nasdaq due to its American Depositary Shares (ADS) falling below the required minimum bid price of $1.00 for a period of 30 consecutive business days. The technology company now faces the challenge of rectifying this issue by May 28, 2024, to maintain its listing on the Nasdaq Capital Market.
In response to the notice, AirNet has been given a Compliance Period until May 28, 2024, to meet Nasdaq's minimum bid price requirement. The company must achieve a closing bid price of at least $1.00 for ten consecutive business days during this period. Once compliance has been met, Nasdaq will provide written confirmation of adherence to the rule.
The notification from Nasdaq, while highlighting the current non-compliance, does not pose an immediate threat to AirNet's position on the market. The company has expressed its intention to comply with the listing standards and is considering various options to resolve the bid price deficiency.
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