HOUSTON, Nov. 30,
2022 /PRNewswire/ -- AirNet Technology Inc., formerly
known as AirMedia Group Inc. ("AirNet" or the "Company") (Nasdaq:
ANTE), today announced that it held an extraordinary general
meeting of shareholders on November 30,
2022. At the meeting, the shareholders resolved by ordinary
resolution to consolidate every forty of the authorized (whether
issued or unissued) shares of each class of par value of
US$0.001 each in the capital of the
Company into one share of the same class of par value of
US$0.04 each (the "Share
Consolidation").
The Share Consolidation will be effective at 5:00 P.M., on December 9,
2022 (U.S. Eastern time). Following and as a result of the
Share Consolidation, the authorized share capital of the Company
will be 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 value of US$0.04 each. Any fractional shares held by any
shareholder following and as a result of the Share Consolidation
will be rounded up to the next whole number, by means of the
Company issuing to such shareholder such additional fraction of a
share (with a par value of US$0.04),
credited as fully paid, as shall be necessary to achieve such whole
number.
The Company also announced that, upon the Share Consolidation,
the ratio of its American Depositary Receipts representing ordinary
shares of the Company will be amended from one (1) American
depositary share ("ADS") representing ten (10) ordinary shares of
the Company to one (1) ADS representing one (1) ordinary share of
the Company. No physical action by ADS holders will be required to
effect the ratio change, as the change will be effected on the
books of the depositary. The effect of the ratio change on the ADS
trading price on the Nasdaq Capital Market is expected to take
place at the open of business on December
12, 2022.
Forward-Looking Statements
This announcement contains forward-looking statements within the
meaning of 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,"
"expects," "is expected to," "anticipates," "aim," "future,"
"intends," "plans," "believes," "are likely to," "estimates,"
"may," "should" and similar expressions. The Company may also make
written or oral forward-looking statements in its reports filed
with, or furnished to, the U.S. Securities and Exchange Commission,
in its annual reports to shareholders, in press releases and other
written materials and in oral statements made by its officers,
directors or employees to third parties. Forward-looking statements
are based upon management's current expectations and current market
and operating conditions, and involve inherent risks and
uncertainties, all of which are difficult to predict and many of
which are beyond the Company's control, which may cause its actual
results, performance or achievements to differ materially from
those in the forward-looking statements. Further information is
included in the Company's filings with the U.S. Securities and
Exchange Commission. All information provided in this announcement
is as of the date of this announcement, 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 law.
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SOURCE AirNet Technology Inc.