AirNet Announces Receipt of Nasdaq's Determination to Grant Extension to Regain Compliance

Core Viewpoint - AirNet Technology Inc. has received an extension from Nasdaq to regain compliance with the Minimum Stockholders' Equity Requirement for continued listing on the Nasdaq Capital Market [1][4]. Group 1: Compliance Notification - On April 29, 2024, Nasdaq notified AirNet that it has granted an extension for compliance with the Nasdaq Listing Rule 5550(b)(1) [1]. - The Company previously failed to meet the minimum stockholders' equity requirement of $2.5 million as of December 28, 2023 [2]. Group 2: Compliance Plan - AirNet submitted a plan to Nasdaq on February 8, 2024, to regain compliance, which was supplemented with additional materials on March 10, 2023 [2]. - Nasdaq provided two alternatives for the Company to demonstrate compliance, including a publicly available report detailing the deficiencies and the actions taken to satisfy the requirements [2]. Group 3: Financial Transactions - The Company transferred 4,448,847 ordinary shares and issued an additional 2,118,584 shares to Wealthy Environment Limited for approximately $7.6 million in cash [3]. - AirNet disposed of a 33.67% equity interest in an investee for RMB197.0 million and completed a private placement of 3,372,788 shares for $5.7 million [3]. Group 4: Current Compliance Status - As a result of the aforementioned transactions, AirNet believes it has regained compliance with the Minimum Stockholders' Equity Requirement [4]. - Nasdaq will continue to monitor the Company's compliance, and failure to maintain compliance may lead to delisting [4].