BEIJING, March 18, 2025 (GLOBE NEWSWIRE) -- AirNet Technology Inc. ("AirNet" or the "Company") (Nasdaq: ANTE), is pleased to announce that Nasdaq has granted the Company an additional 180-day grace period, until September 15, 2025, to regain compliance with the Nasdaq Capital Market’s minimum $1.00 bid price per share requirement. AirNet remains fully committed to addressing the bid price deficiency during this extended compliance period. If the Company’s closing bid price meets or exceeds $1 per ADS for a ...

Core Viewpoint - AirNet Technology Inc. has signed a non-binding Investment Letter of Intent with LLP STH Corp to invest in a 130MW liquid-cooled Bitcoin mining farm project in Kazakhstan [1][4] Group 1: Project Details - The project includes a 70MW national grid-powered facility and a 60MW natural gas self-generation facility, both utilizing liquid-cooling technology to enhance operational efficiency and extend equipment lifespan [2] - The implementation of liquid-cooling technology is expected to improve technical performance, significantly reduce operational costs, and maximize energy efficiency [2] Group 2: Company Background - LLP STH Corp specializes in advanced liquid-cooled Bitcoin mining solutions and data center facility management, securing reliable power sources through strategic partnerships with local natural gas suppliers [3] - The company’s approach allows for high operating efficiency while minimizing downtime and maintenance costs [3] Group 3: Investment Intentions - AirNet aims to conduct full legal and business due diligence on LLP STH Corp before finalizing any agreements [4] - The investment is part of AirNet's strategic expansion into blockchain technology applications and the data center sector [4]

BEIJING, Jan. 3, 2025 /PRNewswire/ -- AirNet Technology Inc., formerly known as AirMedia Group Inc. ("AirNet" or the "Company") (Nasdaq: ANTE), today announced the appointment of Assentsure PAC ("Assentsure") as the Company's independent registered public accounting firm to replace Audit Alliance LLP ("Audit Alliance"), effective January 2, 2025. The change of the Company's independent auditor was made after careful consideration and evaluation process and was approved by the board of directors of the Compa ...

Exhibit 99.1 | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------|-------|-----------------------|-------------------| | (Stated in U.S. dollars in thousands, except share and | per share | data) | December 31, 2023 | June 30, 2024 | | ASSETS | | | | (Unaudited) | | CURRENT ASSETS | | | | | | Cash and cash equivalents | | $ ...

BEIJING, May 31, 2024 /PRNewswire/ -- AirNet Technology Inc., formerly known as AirMedia Group Inc. ("AirNet" or the "Company") (Nasdaq: ANTE), today announced that the Company entered into a sales and purchase agreement with an unaffiliated third party for the purchase of 6,218 units of Bitcoin Miner S21 on May 30, 2024. The aggregate purchase price for these miners is approximately RMB177.2 million.In view of the broad prospects of the global cryptocurrency field, especially the bull market performance of ...

BEIJING, May 31, 2024 /PRNewswire/ -- AirNet Technology Inc., formerly known as AirMedia Group Inc. ("AirNet" or the "Company") (Nasdaq: ANTE), today announced that it held its annual general meeting of shareholders on May 31, 2024. At the meeting, the shareholders resolved by an ordinary resolution to increase the authorized share capital of the Company from US$1,000,000 divided into 22,500,000 ordinary shares of a nominal or par value of US$0.04 each and 2,500,000 preferred shares of a nominal or par valu ...

BEIJING, May 08, 2024 (GLOBE NEWSWIRE) -- AirNet Technology Inc., formerly known as AirMedia Group Inc. ("AirNet" or the "Company") (NASDAQ:ANTE), today announced that it received a notification letter dated April 29, 2024 from the Listing Qualifications Department of The Nasdaq Stock Market Inc. (the "Nasdaq") notifying that Nasdaq has determined to grant the Company an extension to regain compliance with the Nasdaq Listing Rule 5550(b)(1) for continued listing (the "Rule"). As previously reported, on Janu ...

Core Points - AirNet Technology Inc. has announced an annual general meeting of shareholders scheduled for May 31, 2024, in Beijing [1] - The proposal at the AGM includes increasing the authorized share capital from US$1,000,000 to US$40,000,000, which involves creating an additional 877,500,000 ordinary shares and 97,500,000 preferred shares [1] Shareholder Information - The record date for determining shareholders entitled to attend the AGM is set as May 2, 2024 [2] - Holders of record of the Company's ordinary shares as of the record date are eligible to attend the AGM [2]

Financial Performance - The company reported a net income in 2020, but has incurred net losses in recent years and may continue to do so in the future[25]. - In 2023, the company generated revenue of $2.6 million from cryptocurrency mining, which was terminated in March 2024, resulting in nil revenue from this segment in 2023[31]. - All revenues from continuing operations in 2023 were generated from air travel media services, primarily through digital TV screens on airplanes[39]. - A limited number of advertisers accounted for a significant portion of revenues, with two, three, and three individual customers each year accounting for over 10% of total revenues for 2021, 2022, and 2023 respectively[52]. - The company has limited operating history in various business lines, making it difficult to evaluate business prospects and financial performance[28]. - The company's quarterly and annual operating results are difficult to predict and may fluctuate significantly due to various factors, including economic conditions and advertising trends[61]. Business Operations and Strategy - The company has consolidated efforts in providing in-flight content of entertainment, advertising, and digital multimedia in China[25]. - The company has strengthened its efforts in launching and operating its in-flight connectivity business[25]. - The company expects to continue paying concession fees to secure time intervals for playing advertising content on flights[26]. - Concession fees are a significant part of the cost of revenues, with most being fixed under contracts that include escalation clauses[27]. - The company faces challenges in retaining and renewing concession rights contracts, which may not be commercially favorable upon renewal[41]. - The advertising revenues from the automobile industry significantly impact overall revenues, with potential declines in this sector affecting demand for services[38]. Regulatory and Compliance Risks - The company is subject to risks related to the PRC government's influence on its operations and foreign investments[11]. - The company faces potential delisting risks under the Holding Foreign Companies Accountable Act (HFCAA) if it is identified as a "Commission-Identified Issuer" for two consecutive years[11]. - Compliance with PRC laws and regulations is essential, and failure to do so could result in penalties and adversely affect operations[69][71]. - The PRC government has implemented new regulations affecting foreign investments and securities offerings, which could limit the ability to offer securities and impact their value[111]. - The company may face significant compliance costs and operational risks due to changes in PRC laws and regulations, particularly in the internet and advertising sectors[110]. - The PRC tax authorities may audit related party transactions, which could lead to increased taxes owed and reduced net income if found not to be on an arm's length basis[97]. Market and Economic Conditions - The company's operating results are closely linked to fluctuations in air travel demand, which can be affected by economic downturns and seasonal factors[56]. - The COVID-19 pandemic has had an adverse impact on the company's operations and financial condition, potentially leading to decreased advertiser spending[58]. - A severe or prolonged downturn in the global or Chinese economy could materially and adversely affect the company's business and financial condition[117]. - The growth of the PRC economy has slowed down since 2012, and there is uncertainty regarding the long-term effects of monetary and fiscal policies adopted by major economies[118]. Risks Related to Advertising and Competition - Significant competition in the Chinese advertising industry may lead to reduced market share and profitability, as competitors may have greater brand recognition and larger advertising networks[54][55]. - The company's advertising network may become saturated, limiting the ability to offer additional time slots or locations, which could hinder revenue growth[47]. - The reliance on third-party advertising agencies poses risks, as any violations of laws by these agencies could harm the company's reputation and operations[49]. - The company is highly dependent on a small number of major advertisers, which increases vulnerability to payment delays and could adversely affect revenues and operating results[53]. Legal and Intellectual Property Risks - The company may face intellectual property infringement claims, which could lead to substantial legal expenses and negatively impact business operations[75]. - Legal proceedings against the company could materially affect its business, financial condition, and cash flows, with potential adverse outcomes being unpredictable[79]. - The company faces significant risks from natural disasters and health epidemics, which could disrupt operations and lead to temporary facility closures[76]. Corporate Governance and Shareholder Rights - The company is classified as a "foreign private issuer," resulting in different disclosure obligations compared to U.S. domestic reporting companies[205]. - Shareholders of Cayman Islands exempted companies have limited rights to inspect corporate records, making it difficult to obtain necessary information for shareholder resolutions[185]. - Corporate governance practices in the Cayman Islands may afford shareholders less protection compared to U.S. regulations[186]. - The company has a rights agreement that could limit the ability of others to acquire control, potentially affecting shareholder value[202]. Currency and Financial Risks - The company's revenues and expenses are primarily denominated in Renminbi, which may significantly impact financial performance due to currency fluctuations[135]. - Any significant appreciation or depreciation of the Renminbi could materially affect the company's revenues, earnings, and financial position, as well as the value of dividends payable on ADSs in U.S. dollars[135]. - The company has not engaged in any hedging transactions to mitigate foreign currency exchange risk, which may expose it to potential losses[136]. - Restrictions on currency exchange may limit the company's ability to effectively utilize revenues or financing for foreign currency obligations, including dividend payments[137]. Future Acquisitions and Growth Strategy - Past and future acquisitions may pose risks related to integration, unforeseen liabilities, and resource diversion, which could negatively affect revenues and net income[59]. - The M&A Rule imposes complex procedures for acquisitions by foreign investors, which could hinder the company's growth strategy through acquisitions[150]. - Future acquisitions may involve complex corporate structures, increasing the risk of tax liabilities under PRC regulations[170].

Core Points - AirNet Technology Inc., previously known as AirMedia Group Inc., has completed a private placement of 3,372,788 ordinary shares for a total of US$5.7 million [1] Group 1 - The shares have a par value of US$0.04 each [1] - The shares are not registered under the Securities Act of 1933 or any state securities laws, meaning they cannot be transferred, sold, or offered for sale without an effective registration statement or applicable exemption [1]