AirMedia Group Inc. (Nasdaq: ANTE), shares rose 36.36% to $2.25 in the after-hours yesterday. Is it any wonder that the stock is surging today? there’s There’s not a sense of apparent reason other than “overexcited investors.” Fact is, the only news affecting this stock is the announcement on November 30, 2020, when AirNet Technology Inc., formerly known as AirMedia Group Inc. (Nasdaq: ANTE), revealed that it must restore compliance with the minimum share ownership requirement as described in Rule 5550(b)(1) of The Nasdaq Stock Market by November 25, 2020, to continue listing on Nasdaq.
Nasdaq’s notification letter on September 16, 2020, told the Company that its stockholders’ equity is below the minimum of US$2.5 million required by the Nasdaq listing rules. Nasdaq has given the Company 45 calendar days to submit a plan to become compliant until November 2, 2020.
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Nasdaq granted the Company an extension to regain compliance with the Rule after reviewing Nasdaq’s Compliance Plan earlier in November 2020. Under the terms of the extension, the Company must complete its actions in the Compliance Plan on or before March 15, 2021, and provide an audited report detailing any compliance the Company has achieved.