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AirNet Announces Receipt of Deficiency Letter from Nasdaq

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BEIJING, Sept. 19, 2020 /PRNewswire/ — AirNet Technology Inc., formerly known as AirMedia Group Inc. ("AirNet" or the "Company") (Nasdaq: ANTE), an in-flight solution provider on connectivity, entertainment, and digital multimedia in China, today announced that it received a notification letter dated September 16, 2020 (the "Deficiency Letter") from the Listing Qualifications Department of The Nasdaq Stock Market Inc. (the "Nasdaq") notifying that the Company is no longer in compliance with the Nasdaq Listing Rule 5550(b)(1) for continued listing due to its failure to maintain a minimum of $2.5 million in stockholders’ equity. In the Company’s Form 20-F for the fiscal year ended December 31, 2019, the Company reported a negative stockholders’ equity of approximately $19 million. Nasdaq also determined that the Company does not meet the alternatives of market value of listed securities or net income from continuing operations for continued listing.

The Deficiency Letter does not result in the immediate delisting of the Company’s ordinary shares represented by American depositary shares on the Nasdaq Capital Market. The Company has 45 calendar days from the date of the Deficiency Letter, or until November 2, 2020, to submit a plan (the "Compliance Plan") to Nasdaq to regain compliance with the minimum stockholders’ equity standard. If the Compliance Plan is accepted by Nasdaq, the Company may be granted a compliance period of up to 180 calendar days from the date of the Deficiency Letter to evidence compliance. However, since Nasdaq previously notified the Company that its bid price compliance period expires on December 10, 2020, the Compliance Plan shall also set forth a plan to address the minimum bid price requirement by such date.

The Company’s management is looking into various options available to regain compliance and maintain its continued listing on the Nasdaq Capital Market. The Company intends to submit the Compliance Plan as soon as practicable.

This announcement is made in compliance with the Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a notification of deficiency.

About AirNet

Incorporated in 2007 and headquartered in Beijing, China, AirNet provides in-flight solutions to connectivity, entertainment and digital multimedia in China. Collaborating with its partners, AirNet 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 http://ir.ihangmei.com.  

Safe Harbor Statement

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, and include, without limitation, statements regarding the development of the COVID-19 pandemic and its impact on the Company’s business operations. 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. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. 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. Potential risks and uncertainties include, but not limited to the following: its ability to achieve and maintain profitability; its ability to continuously improve its solutions and services enabling inflight connectivity; its ability to compete effectively against its competitors; the expected growth in consumer spending, average income levels and advertising spending levels; the growth of the inflight connectivity industry in China; and government policies affecting the inflight connectivity industry in China. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. 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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http://ir.ihangmei.com/

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Boston Omaha Announces Closing of Yellowstone Acquisition Company $125 Million Initial Public Offering

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Boston Omaha Corporation (NASDAQ:BOMN) (Boston Omaha) announced today that Yellowstone Acquisition Company (Yellowstone) closed its initial public offering (the IPO) of 12,500,000 units at a price of $10.00 per unit, resulting in gross proceeds of $125,000,000. The units began trading on the NASDAQ Stock Market, LLC (NASDAQ) under the ticker symbol YSACU on October 22, 2020. BOC Yellowstone LLC, a subsidiary of Boston Omaha, served as the sponsor (the Sponsor) for Yellowstones IPO.

Each unit issued in the IPO consists of one share of Yellowstones Class A common stock and one-half of one warrant, each whole warrant entitling the holder thereof to purchase one share of Class A common stock at an exercise price of $11.50 per share. After the securities comprising the units begin separate trading, the shares of Class A common stock and warrants are expected to be listed on NASDAQ under the symbols YSAC and YSACW, respectively. No fractional warrants will be issued upon separation of the units and only whole warrants will trade.

The Sponsor has purchased an aggregate of 7,500,000 warrants (which can increase to 7,875,000 warrants if the over-allotment option is exercised in full) at a price of $1.00 per whole warrant ($7,500,000 in the aggregate, or $7,875,000 if the over-allotment option is exercised in full) in a private placement that closed simultaneously with the closing of the IPO (the “private placement warrants). Each whole private placement warrant is exercisable to purchase one whole share of Yellowstone’s Class A common stock at $11.50 per share. In addition, the Sponsor acquired 3,593,750 shares of Yellowstone’s Class B common stock (up to 468,750 shares of which are subject to forfeiture depending on the extent to which the underwriters over-allotment option is exercised) for a purchase price of $25,000. The shares of Class B common stock will automatically convert into shares of Class A common stock at the time, if any, when Yellowstone completes an initial business combination, on a one-for-one basis, subject to certain adjustments. In the event a business combination is not consummated within 15 months following the IPO, then $127,500,000 of the proceeds raised in the IPO and through the sale of the private placement warrants will be paid to redeem the shares of Class A common stock sold to the public.

  • No officer or director of Boston Omaha shall receive any equity issued to the Sponsor.
  • Yellowstone has not selected any potential business combination target.

The purpose of the IPO is to pursue a business combination in an industry other than the three industries in which Boston Omaha currently owns and operates businesses: outdoor advertising, surety insurance and broadband services businesses. For further information regarding the terms of the IPO and the rights and obligations of the Sponsor, please refer to the Yellowstone Prospectus on file with the SEC at www.sec.gov.

Boston Omaha elected to proceed with a SPAC public offering for the following reasons:

  • Boston Omaha intends to use its existing capital for the three business lines in which it currently operates: outdoor advertising, surety insurance and fiber-to-the-home broadband services as well as investing in other future potential acquisitions and making other investments. By teaming with other public investors in the IPO, Yellowstone has the ability to pursue business combinations with larger companies than Boston Omaha could pursue currently on a stand-alone basis.
  • There are many owner-operated businesses interested in minority owners for growth capital. Boston Omaha has invested in a number of these types of businesses. However, Boston Omaha’s ability to acquire a significant equity stake in a larger business through a business combination is limited by the Investment Company Act of 1940 (as amended), which requires a company which holds more than 40% of its assets in minority investments in other businesses to register under the Investment Company Act. This requirement prevents Boston Omaha on a stand-alone basis from consummating larger deals in which it would own a minority interest in a business, thus currently preventing or otherwise significantly limiting its ability to engage in larger business combinations.
  • Acquiring a large percentage of equity in certain businesses, such as regulated financial institutions, would require Boston Omaha to comply with very burdensome and expensive regulations which would both limit its overall business operations due to capital and other financial testing covenants and adversely impact its ability to acquire other businesses which would not otherwise be subject to these regulations.

Wells Fargo Securities served as the sole book runner for the IPO. Yellowstone has granted the underwriters a 45-day option to purchase up to an additional 1,875,000 units at the initial public offering price to cover over-allotments, if any.

The offering was made only by means of a prospectus. Copies of the prospectus may be obtained, when available, from Wells Fargo Securities, Attention: Equity Syndicate Department, 500 West 33rd Street, New York, New York, 10001, at (800) 326-5897 or email a request to [email protected]. A registration statement relating to the securities offered by Yellowstone was filed with the Securities and Exchange Commission (SEC) and became effective on October 21, 2020. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

ABOUT YELLOWSTONE

Yellowstone, led by Adam Peterson and Alex Rozek, is a blank check company formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses with an intention to initially focus on potential combinations in the homebuilding, manufacturing serving the homebuilding market, financial services and commercial real estate industries. To contact Yellowstone, please visit www.yellowstoneac.com or email Yellowstone at [email protected].

FORWARD-LOOKING STATEMENTS

This press release contains statements that constitute forward-looking statements. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of Boston Omaha or Yellowstone, including those set forth in the Risk Factors section of Yellowstones registration statement and prospectus for the offering filed with the SEC. Copies are available on the SECs website at www.sec.gov. Boston Omaha and Yellowstone undertake no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Investor Contact:

Catherine Vaughan

[email protected]

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Community Health Systems Completes Divestiture of Two Texas Hospitals

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Community Health Systems, Inc. (NYSE: CYH) announced today that subsidiaries of the Company have completed the sale of two Texas hospitals “ 231-bed Abilene Regional Medical Center in Abilene and 188-bed Brownwood Regional Medical Center in Brownwood and their associated assets “ to subsidiaries of Hendrick Health System. The effective date of the transactions is October 27, 2020. With the divestitures completed, Community Health Systems affiliates continue to operate seven hospitals in Texas.

As part of the transaction, Hendrick has secured assignment of the long-term lease and operations of Brownwood Regional Medical Center from the Brownwood County Hospital Authority.

The hospitals in this transaction are among the planned divestitures discussed on the Companys second quarter 2020 earnings call.

About Community Health Systems, Inc.

Community Health Systems, Inc. is one of the largest publicly traded hospital companies in the United States and a leading operator of general acute care hospitals in communities across the country. The Company, through its subsidiaries, owns, leases or operates 89 affiliated hospitals in 16 states with an aggregate of approximately 15,000 licensed beds. The Companys headquarters are located in Franklin, Tennessee, a suburb south of Nashville. Shares in Community Health Systems, Inc. are traded on the New York Stock Exchange under the symbol CYH. More information about the Company can be found on its website at www.chs.net.

Forward-Looking Statements

Statements contained in this news release regarding potential transactions, operating results, and other events are forward-looking statements that involve risk and uncertainties. Actual future events or results may differ materially from these statements. Readers are referred to the documents filed by Community Health Systems, Inc. with the Securities and Exchange Commission, including the Companys annual report on Form 10-K, current reports on Form 8-K and quarterly reports on Form 10-Q. These filings identify important risk factors and other uncertainties that could cause actual results to differ from those contained in the forward-looking statements. The Company undertakes no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

Investor Contacts:

Kevin Hammons, 615-465-7000

Executive Vice President and Chief Financial Officer

or

Ross W. Comeaux, 615-465-7012

Vice President – Investor Relations

Media Contact:

Tomi Galin, 615-628-6607

Senior Vice President, Corporate

Communications, Marketing and Public Affairs

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Commercial Telematics Market Growth will Accelerate at a CAGR of 10% during 2020-2024 | Technavio

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Technavio has been monitoring the commercial telematics market, operating under the information technology industry. The latest report on the commercial telematics market, 2020-2024 estimates it to register an incremental growth of USD 23.15 bn, at a CAGR of almost 10% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment.

Technavios in-depth research has all your needs covered as our research reports include all foreseeable market scenarios, including pre- & post-COVID-19 analysis. Download Latest Free Sample Report on COVID-19 Analysis

The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Competitors have to focus on differentiating their product offerings with unique value propositions to strengthen their foothold in the market. Market vendors also have to leverage on the existing growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. Bridgestone Corp., Continental AG, General Motors Co., Geotab Inc., Omnitracs LLC, Trimble Inc., Verizon Communications Inc., Visteon Corp., Volkswagen Group, and Volvo Group are among some of the major market participants.

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The increasing adoption of driver assistance systems has been instrumental in driving the growth of the market. Vendors are focusing on the development of usage-based insurance (UBI) in connected cars and smart apps, which will also contribute to the growth of the commercial telematics market. However, the complexity of telematics software and hardware design might hamper market growth.

Technavio’s custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations. Download a Free Sample Report on COVID-19 Impacts

Commercial Telematics Market 2020-2024: Segmentation

Commercial Telematics Market is segmented as below:

  • Product
    • Solutions
    • Services
  • Platform
    • Embedded Systems
    • Tethered Systems
    • Smartphone Integration Systems
  • Geographic Landscape
    • APAC
    • Europe
    • MEA

Commercial Telematics Market 2020-2024: Scope

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The commercial telematics market report covers the following areas:

  • Commercial Telematics Market Size
  • Commercial Telematics Market Trends
  • Commercial Telematics Market Industry Analysis

This study identifies the growth of embedded telematics solutions as one of the primary trends anticipated to boost the Commercial Telematics Market growth during the next few years.

Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavios in-depth research has direct and indirect COVID-19 impacted market research reports.

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Commercial Telematics Market 2020-2024: Key Highlights

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will assist commercial telematics market growth during the next five years
  • Estimation of the commercial telematics market size and its contribution to the parent market
  • Predictions on upcoming trends and changes in consumer behavior
  • The growth of the commercial telematics market
  • Analysis of the markets competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of commercial telematics market vendors

Table of Contents:

Executive Summary

  • Market Overview

Market Landscape

  • Market ecosystem
  • Value chain analysis

Market Sizing

  • Market definition
  • Market segment analysis
  • Market size 2019
  • Market outlook: Forecast for 2019 – 2024

Five Forces Analysis

  • Bargaining power of buyers
  • Bargaining power of suppliers
  • Threat of new entrants
  • Threat of substitutes
  • Threat of rivalry
  • Market condition

Market Segmentation by Product

  • Market segments
  • Comparison by Product placement
  • Solutions – Market size and forecast 2019-2024
  • Services – Market size and forecast 2019-2024
  • Market opportunity by Product

Market Segmentation by Platform

  • Market segments
  • Comparison by Platform placement
  • Embedded systems – Market size and forecast 2019-2024
  • Tethered systems – Market size and forecast 2019-2024
  • Smartphone integration systems – Market size and forecast 2019-2024
  • Market opportunity by Platform

Customer landscape

  • Overview

Geographic Landscape

  • Geographic segmentation
  • Geographic comparison
  • North America – Market size and forecast 2019-2024
  • Europe – Market size and forecast 2019-2024
  • APAC – Market size and forecast 2019-2024
  • South America – Market size and forecast 2019-2024
  • MEA – Market size and forecast 2019-2024
  • Key leading countries
  • Market opportunity by geography

Drivers, Challenges, and Trends

  • Market drivers
  • Volume driver – Demand led growth
  • Volume driver – Supply led growth
  • Volume driver – External factors
  • Volume driver – Demand shift in adjacent markets
  • Price driver – Inflation
  • Price driver – Shift from lower to higher-priced units
  • Market challenges
  • Market trends

Vendor Landscape

  • Overview
  • Landscape disruption
  • Vendor Analysis

Vendors covered

  • Market positioning of vendors
  • Bridgestone Corp.
  • Continental AG
  • General Motors Co.
  • Geotab Inc.
  • Omnitracs LLC
  • Trimble Inc.
  • Verizon Communications Inc.
  • Visteon Corp.
  • Volkswagen Group
  • Volvo Group

Appendix

  • Scope of the report
  • Currency conversion rates for US$
  • Research methodology
  • List of abbreviations

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavios report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavios comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

Email: [email protected]

Website: www.technavio.com/

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Editorial & Advertiser disclosureOur website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.
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