BEIJING, June 26,
2023 /PRNewswire/ -- AirNet Technology Inc., formerly
known as AirMedia Group Inc. ("AirNet" or the "Company") (Nasdaq:
ANTE), today announced that it has entered into a termination
agreement (the "Termination Agreement") on June 21, 2023 with Unistar Group Holdings Ltd.
("Unistar Group"), Northern Shore Group Limited ("Northern Shore"),
Mr. Herman Man Guo, chairman of the
Company, and Mrs. Dan Shao, chief
executive officer of the Company to terminate the investment
agreement (the "Investment Agreement") entered into among the
parties on April 6, 2022 and the
transactions contemplated thereunder.
Pursuant to the Investment Agreement, the Company shall issue
certain shares to Unistar Group and Northern Shore in exchange for
the delivery and transfer of 5,000 ANTMINER S19 and 2,000 INNO A11
computer servers. The Company issued such shares on April 6, 2022; however, the computer servers in
consideration of the issuance of such shares have not been
delivered and transferred to the Company and certain conditions to
the closing under the Investment Agreement have not been satisfied.
After deliberate communication, the parties have reached an
agreement to terminate the Investment Agreement and the
transactions contemplated thereunder.
Pursuant to the Termination Agreement, the Company shall
repurchase 3,432,345 ordinary shares and 1,016,502 ordinary shares
of the Company with a par value of US$0.04 each (each a "Share") from Unistar Group
and Northern Shore at par, respectively, being all the shares
issued by the Company under the Investment Agreement following and
as a result of the 40-1 share consolidation effective on
December 9, 2022 (the "Share
Consolidation"). The Termination Agreement further provides that,
the warrant agreement dated as of April 7,
2022 with each of Unistar Group and Northern Shore
entitling them to subscribe from the Company for up to an aggregate
of 2,945,137 Shares (or 117,805,476 shares of the Company prior to
the Share Consolidation) shall be terminated and cancelled in full
and rendered null and void.
Descriptions in this press release of the Termination Agreement,
the terms and conditions thereof and the transactions contemplated
thereunder are qualified in their entirety by reference to the
Termination Agreement, a copy of which is attached as an exhibit to
the Form 6-K furnished by the Company with the SEC on June 26, 2023 and incorporated herein by
reference in its entirety.
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.
