BEIJING, May 22, 2018 /PRNewswire/ -- AirMedia Group
Inc. ("AirMedia" or the "Company") (AMCN), an operator of
out-of-home advertising platforms in China targeting
mid-to-high-end consumers as well as a first-mover in the travel
Wi-Fi market, today announced that it has received a letter dated
May 17, 2018 (the "Deficiency
Letter") from The Nasdaq Stock Market, Inc. ("Nasdaq") notifying
the Company that it is not in compliance with Nasdaq Listing Rule
5250(c)(1) for continued listing because its annual report on Form
20-F for the year ended December 31,
2017 (the "Annual Report") was not filed on a timely basis
with the Securities and Exchange Commission.
Under Nasdaq Listing Rule 5810(c)(2)(F)(i), the Company has
until July 16, 2018 (that is, 60
calendar days from the date of the Deficiency Letter) to submit to
Nasdaq a plan to regain compliance with the Nasdaq Listing Rules
(the "Compliance Plan"). The Company intends to submit the
Compliance Plan as soon as practicable.
Under Nasdaq Listing Rule 5810(c)(2)(F)(ii), if Nasdaq accepts
the Compliance Plan, Nasdaq can grant the Company an exception
until November 12, 2018 the latest (that is, up to 180 calendar
days from the extended due date of the Annual Report) to regain
compliance. The Company's independent registered public accounting
firm will require additional time to conduct an audit of the
Company's financial statements for the year ended December 31,
2017. The Company intends to file the Annual Report as soon as
practicable.
The Deficiency Letter has no immediate impact on the listing of
the Company's ordinary shares represented by American depositary
shares on the Nasdaq Global Market under the symbol "AMCN."
This announcement is made in compliance with Nasdaq Listing Rule
5810(b), which requires prompt disclosure of receipt of a
deficiency notification.
About AirMedia
Incorporated in 2007 and headquartered in Beijing,
China, AirMedia Group Inc. (AMCN) is an operator of
out-of-home advertising platforms in China targeting
mid-to-high-end consumers as well as a first-mover in the travel
Wi-Fi market. AirMedia sells advertisements on the routes
operated by several Chinese airlines and at Sinopec's service
stations in China. AirMedia also has concession
rights to operate the Wi-Fi systems on trains administered by eight
railway administrative bureaus in China as well as on
many long-haul buses in China. For more information, please
visit http://www.airmedia.net.cn.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expect," "anticipate," "future," "intend," "plan,"
"believe," "estimate," "confident" and similar statements. AirMedia
may also make written or oral forward-looking statements in its
reports filed or furnished to the U.S. Securities and Exchange
Commission, in its annual report to shareholders, in press releases
and other written materials and in oral statements made by its
officers, directors or employees to third parties. Statements that
are not historical facts, including statements about AirMedia's
beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties. A number of important factors could cause actual
results to differ materially from those contained, either expressly
or impliedly, in any forward-looking statement. All information
provided in this press release is current as of the date of the
press release, and the Company does not undertake any obligation to
update any forward-looking statement as a result of new
information, future events or otherwise, except as required under
applicable law.
Company Contact:
Richard Wu
Chief Financial Officer
AirMedia Group Inc.
Tel: +86-10-8460-8678
Email: ir@ihangmei.com
Investor Contact:
Tina Xiao
President
Ascent Investor Relations LLC
Phone: +1-917-609-0333
Email: tina.xiao@ascent-ir.com
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SOURCE AirMedia Group Inc.