BEIJING, April 5, 2019 /PRNewswire/ -- AirMedia- Group Inc. ("AirMedia" or the "Company") (Nasdaq: AMCN), an in-flight solution provider on connectivity, entertainment, and digital multimedia in China, today announced that the Company, through its depositary bank, JPMorgan Chase Bank, N.A., filed with the Securities and Exchange Commission (the "SEC") a Form F-6 on March 29, 2019 to change the ratio of its American depositary shares ("ADSs") to ordinary shares from one (1) ADS representing two (2) ordinary shares to one (1) ADS representing ten (10) ordinary shares (the "Ratio Change"), which had been approved by the board of directors of the Company.
Each AirMedia's ADS holder of record will be required to exchange every five (5) ADSs then held for one (1) new ADS. There is no change to AirMedia's underlying ordinary shares, and AirMedia's ADS will continue to trade on Nasdaq under the symbol "AMCN".
The Company anticipates that the Ratio Change will bring its average ADS price above $1.00 per ADS in compliance with the Nasdaq minimum bid price listing requirement. The Company further anticipates that the Ratio Change will be effective on or around April 11, 2019, subject to the SEC having declared the Form F-6 to be effective on or before that date.
About AirMedia Group Inc.
Incorporated in 2007 and headquartered in Beijing, China, AirMedia (Nasdaq: AMCN) provides in-flight solutions to connectivity, entertainment and digital multimedia in China. Collaborating with our partners, AirMedia empowers Chinese airlines with seamlessly immersive Internet connections through a network of satellites and land-based beacons, provides airline travelers with interactive entertainment and a coverage of breaking news, and furnishes corporate clients with advertisements tailored to the perceptions of the travelers. For more information, please visit us at http://ir.ihangmei.com
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company's business strategies and initiatives as well as the Company's business plans; the Company's future business development, results of operations and financial condition; expected changes in the Company's revenue and certain cost or expense items; trends and competition in China; general economic and business conditions in China; and other risks detailed in the Company's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.
For more information, please contact:
Director, Investor Relations
AirMedia Group Inc.
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