BEIJING, March 24,
2023 /PRNewswire/ -- Glory Star New Media Group
Holdings Limited (NASDAQ: GSMG) ("Glory
Star" or the "Company"), a leading digital media platform
and content-driven e-commerce company in China, today announced that on March 22, 2023, it received a written notice (the
"Notice") from the Listing Qualifications Department of The Nasdaq
Stock Market ("Nasdaq") indicating that the Company is not in
compliance with the minimum bid price requirement of US$1.00 per share under the Nasdaq Listing Rules
(the "Listing Rules"). Based on the closing bid price of the
Company's listed securities for the last 30 consecutive business
days from February 7, 2023 to
March 21, 2023, the Company no longer
meets the minimum bid price requirement set forth in Listing Rule
5550(a)(2). The Notice is only a notification of deficiency, not of
imminent delisting, and has no current effect on the listing or
trading of the Company's securities on the Nasdaq Capital
Market.
The Notice states that under Listing Rule 5810(c)(3)(A), the
Company is provided with a compliance period of 180 calendar days,
or until September 18, 2023, to regain compliance with the Listing
Rules. To regain compliance with the Listing Rules, the Company's
listed securities must be at least US$1.00 for a minimum of ten
consecutive business days. In the event the Company does not regain
compliance by September 18, 2023, the Company may be eligible for
additional time to regain compliance or may face delisting.
The Company intends to monitor the closing bid price of its
ordinary shares between now and September
18, 2023, and to evaluate its available options to regain
compliance within the compliance period.
The Company intends to resolve the deficiency and regain
compliance with the Listing Rules.
About Glory Star
Since its establishment in 2016, Glory
Star has been focused on developing an ecosystem for its
users that incorporates quality content, e-commerce, social
networking, and gaming. The Company continues to integrate its
cutting edge blockchain technologies, massive user base from its
CHEERS ecosystem, quality content offerings, and its
well-established e-commerce platform, and through the right
application of 5G, AR, VR and NFT technologies to develop a
metaverse boasting a wide range of "online + offline" and "virtual
+ reality" scenarios. Glory Star's
CHEERS Video and e-Mall platforms provide a solid foundation for it
to rapidly develop different entertainment and shopping
applications for the metaverse. Glory
Star also provides a suite of tools for its users to
facilitate the development of new content by creators. The Company
is remaining at the forefront of disrupting the way new media and
e-commerce is operated. For more information, please visit
http://ir.gsmg.co/.
Safe Harbor Statement
Certain statements made in this release are "forward looking
statements" within the meaning of the "safe harbor" provisions of
the United States Private Securities Litigation Reform Act of 1995.
When used in this press release, the words "estimates,"
"projected," "expects," "anticipates," "forecasts," "plans,"
"intends," "believes," "seeks," "may," "will," "should," "future,"
"propose" and variations of these words or similar expressions (or
the negative versions of such words or expressions) are intended to
identify forward-looking statements. These forward-looking
statements are not guarantees of future performance, conditions or
results, and involve a number of known and unknown risks,
uncertainties, assumptions and other important factors, many of
which are outside the Company's control, that could cause actual
results or outcomes to differ materially from those discussed in
the forward-looking statements. Important factors, among others,
are: the ability to manage growth; ability to identify and
integrate other future acquisitions; ability to obtain additional
financing in the future to fund capital expenditures; fluctuations
in general economic and business conditions; costs or other factors
adversely affecting our profitability; litigation involving
patents, intellectual property, and other matters; potential
changes in the legislative and regulatory environment; a pandemic
or epidemic; the occurrence of any event, change or other
circumstances that could affect the Company's ability to continue
successful development and launch of its metaverse experience
centers; the possibility that the Company may not succeed in
developing its new lines of businesses due to, among other things,
changes in the business environment, competition, changes in
regulation, or other economic and policy factors;, the possibility
that the Company's new lines of business may be adversely affected
by other economic, business, and/or competitive factors; other
factors, risks and uncertainties set forth in documents filed by
the Company with the Securities and Exchange Commission from time
to time, including the Company's latest Annual Report on Form 20-F
filed with the SEC on March 22, 2023. The Company undertakes
no obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by applicable law. Such information speaks only
as of the date of this release.
For investor and media inquiries, please contact:
Wealth Financial Services LLC
Connie Kang
Partner
Email: ckang@wealthfsllc.com
Tel: +86 1381 185 7742 (CN)
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SOURCE Glory Star New Media Group Holdings Limited