Company Structure and Operations - AirNet Technology Inc. is a Cayman Islands holding company with no substantive operations, controlling its business through subsidiaries and consolidated affiliated entities[21]. - AirNet Online holds an 80% stake in AirNet Online, which controls various subsidiaries and VIEs through contractual arrangements[18]. - AirNet Technology Inc. does not own any shares in the consolidated affiliated entities, relying instead on contractual arrangements for control[23]. - The company operates under a VIE structure, which poses unique risks, including potential penalties from the PRC government if contractual arrangements are deemed non-compliant[32]. - The VIE agreements allow AirNet Technology Inc. to consolidate financial results and receive economic benefits from the VIEs[33]. - The company operates primarily through contractual arrangements with VIEs in China, including AirNet Online, Linghang Shengshi, and Iwangfan[117]. - The company intends to gradually shift its advertising business to Shenzhen Yuehang to reduce reliance on the current VIE structure[117]. Financial Performance - For the year ended December 31, 2022, AirNet Technology Inc. reported net revenues of US$2.868 million and a gross loss of US$2.355 million[37]. - For the year ended December 31, 2023, net revenues decreased to US$0.858 million with a gross loss of US$0.518 million[37]. - For the year ended December 31, 2024, net revenues further declined to US$0.343 million with a gross profit of US$0.037 million[37]. - The operating loss for the year ended December 31, 2022, was US$14.079 million, while for 2023 it was US$4.055 million, and for 2024 it was US$6.780 million[37][38]. - AirNet Technology Inc. has not paid any dividends and does not plan to do so in the foreseeable future, intending to retain available funds for business operations and expansion[31]. - The total shareholders' equity decreased from $11,849,000 as of December 31, 2023, to $10,927,000 as of December 31, 2024, reflecting a decline of approximately 7.8%[39]. - The company incurred net losses in recent years, with a recorded net income in 2020, but may continue to incur losses in the future due to fixed costs associated with concession fees and fluctuating revenues[64]. Cash Flow and Financing - Cash flows can be transferred among AirNet Technology Inc., its PRC subsidiaries, and consolidated affiliated entities through dividends, service fees, and loans[29]. - Net cash used in operating activities for the year ended December 31, 2023, was $(1,817,000), compared to a net cash provided of $752,000 in 2022[40]. - Net cash provided by financing activities decreased from $1,212,000 in 2022 to $(1,222,000) in 2023, showing a shift of approximately 201.2%[40]. - As of December 31, 2024, the company reported net cash provided by operating activities of $22,721,000, a significant recovery from the previous year[40]. - The company may need to raise additional debt or sell equity securities for future acquisitions, which could increase financial obligations and dilute shareholder value[97]. - The company may require additional capital due to changing business conditions, which could result in dilution of shares or increased debt service obligations[104]. Regulatory and Compliance Risks - The company is subject to risks under the Holding Foreign Companies Accountable Act (HFCAA), which could lead to delisting if identified as a "Commission-Identified Issuer" for two consecutive years[26]. - The PCAOB has secured complete access to inspect and investigate registered public accounting firms in mainland China and Hong Kong, which may alleviate some compliance risks[26]. - The company is subject to new regulations regarding overseas listings, which may require future filings with the CSRC for follow-on offerings[45]. - The company is subject to new cybersecurity regulations, which may require compliance and could lead to increased costs[144][146]. - Compliance with PRC laws and regulations is costly, and failure to comply could result in government sanctions, including fines and revocation of advertising licenses[107]. - The PRC tax authorities may require adjustments to taxable income that could adversely affect the ability of subsidiaries to pay dividends[131]. Market and Economic Conditions - The demand for air travel significantly influences the company's results, with fluctuations linked to economic conditions and seasonal factors[94]. - The company faces significant competition in the advertising industry, which could reduce operating margins and profitability[92]. - A severe downturn in the global or Chinese economy could materially affect the company's financial condition and results of operations[147]. - Economic growth in China has been uneven and is expected to slow down, which may adversely affect the company's business and financial condition[148]. Operational Challenges - The company has faced significant operational challenges, including the need to attract advertisers and manage costs effectively, which could adversely affect its business and financial condition[69]. - The company has terminated its advertising service at long-haul buses and gas stations, and ceased operations for Wi-Fi services on trains, focusing instead on in-flight content and connectivity[66]. - The company began exploring the in-flight business in 2018, which has been adversely affected by COVID-19, impacting future growth prospects[74]. - The company's ability to generate sufficient cash flow is dependent on the acceptance of its air travel media network by advertisers and the viewing public[71]. Legal and Governance Issues - The company has identified material weaknesses in its internal control over financial reporting as of December 31, 2024, which could lead to inaccurate financial reporting and loss of investor confidence[103]. - The company has not maintained effective internal control over financial reporting and disclosure controls, which could negatively impact the reliability of its financial information[102]. - The company's directors have discretion over the inspection of corporate records, which may hinder shareholders' ability to obtain necessary information[209]. - The company's corporate governance practices may differ significantly from U.S. requirements, potentially affording shareholders less protection[210]. Currency and Foreign Exchange Risks - Fluctuations in the value of the Renminbi may materially affect the company's revenues, earnings, and financial position, as most transactions are denominated in Renminbi[163][164]. - Limited hedging options are available in China to mitigate foreign currency exchange risk, which may lead to significant currency exchange losses[165]. - Currency exchange restrictions may limit the company's ability to utilize cash held in mainland China or generated by a PRC entity for operations outside of mainland China or for paying dividends in foreign currencies[166]. Shareholder and Market Concerns - The trading price of the company's American Depositary Shares (ADSs) has been volatile, and failure to comply with Nasdaq listing requirements could lead to delisting[66]. - The trading price of the company's ADSs has been volatile, ranging from $0.26 to $2.90 per ADS during 2024, with a last reported price of $0.475 per ADS on December 31, 2024[212]. - The company has faced scrutiny and negative publicity related to U.S.-listed Chinese companies, which could impact its stock price and business operations[199]. - The company's public shareholders may have limited rights and remedies in emerging markets, making it harder to pursue claims common in the U.S.[211].

Core Points - AirNet Technology Inc. will terminate the amended and restated Deposit Agreement effective May 30, 2025 [1][2] - On the effective date, holders of American depositary shares (ADSs) will have their ADSs automatically cancelled and will receive one ordinary share for each ADS cancelled [2] Company Actions - The termination of the Deposit Agreement will be communicated to all holders and beneficial owners of the Company's American depositary receipts (ADRs) around April 30, 2025 [2] - The underlying Deposited Securities will be distributed to ADS holders as part of the Mandatory Exchange [2]

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 | | $ ...

Group 1 - AirNet Technology Inc. has entered into a sales and purchase agreement for 6,218 units of Bitcoin Miner S21, with an aggregate purchase price of approximately RMB177.2 million [1] - The company aims to invest in encrypted assets to capitalize on the opportunities presented by the global cryptocurrency market, particularly the bullish performance of Bitcoin [2] - The transaction is subject to corporate approvals and customary closing conditions, with no assurance of timely completion or operational returns from the miners [2] Group 2 - The announcement includes forward-looking statements that involve risks and uncertainties, which may lead to actual results differing from expectations [3]

Core Points - AirNet Technology Inc. held its annual general meeting of shareholders on May 31, 2024, where a resolution was passed to increase the authorized share capital significantly [1] Group 1: Share Capital Increase - The authorized share capital of the Company was increased from US$1,000,000 to US$40,000,000 [1] - The new structure includes 900,000,000 ordinary shares and 100,000,000 preferred shares, both with a par value of US$0.04 each [1] - An additional 877,500,000 ordinary shares and 97,500,000 preferred shares were created as part of this increase [1]

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]