IPO - AIRNET TECHNOLOGY INC.

Form Type: F-3

Filing Date: 2025-03-28

Corporate Action: Ipo

Type: New

Accession Number: 000101376225004226

Filing Summary: AirNet Technology Inc. filed a registration statement on Form F-3 with the SEC on March 28, 2025. The filing seeks to register 15,555,600 ordinary shares to be sold by selling shareholders, with the shares being offered pursuant to a Securities Purchase Agreement entered into on February 19, 2025. The ordinary shares have a par value of $0.04. The company aims to commence sales of these shares after the registration statement becomes effective. Currently, the ADSs of AirNet are traded on the Nasdaq under the symbol 'ANTE'. The closing price for these ADSs on March 27, 2025, was $0.40. The document outlines potential risks related to the VIE structure under which AirNet operates, including compliance with PRC regulations governing overseas offerings, and highlights legal and operational risks tied to doing business in China. The VIE structure presents unique risks, as it limits investors' ability to hold direct equity interests in the subsidiaries that conduct operations in China. The prospectus also mentions recent developments including past share purchase agreements that were entered into and subsequently terminated.