Benzinga | Aug 20, 2020 06:45AM EDT

AirNet Announces Capital Increase From Dragonpass Co., Ltd.

BEIJING, Aug. 20, 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 inChina, today announced that Dragonpass Co., Ltd. ("Dragonpass"), an independent third party, entered into a capital increase agreement (the "Agreement") with relevant parties to subscribe for 1.61% of the equity interests in one of the Company's subsidiaries providing media contents on airplanes for a consideration of RMB 10,000,000. The Agreement further stated that the committed subscription of equity would be the initial installment of an intended aggregate investment of RMB 30,000,000, of which the terms of the next installment of RMB 20,000,000 would be pending for further negotiations.

Mr. Herman Guo, the Chairman and CEO of the Company, commented "We are pleased to see that Dragonpass is optimistic towards the growth of the Company's business segment of providing media contents on airplanes as well as the potential developments of the Company as a whole. The synergies between the two companies shall inspire new business opportunities beyond the subscription of equity interests."