US-based in-flight entertainment supplier Global Eagle Entertainment (GEE) received a notification from the NASDAQ Stock Market stating that the company is not in compliance with NASDAQ Listing Rule because it has not yet filed its Annual Report on Form 10-K for 2016.
NASDAQ has formally warned GEE that it has until May 19th to make full and complete financial results, or to submit a formal compliance plan.
Back on February 21st GEE said it would not be able file its 2016 accounts on time, and would need to revise its formal guidance as to its anticipated 2017 revenues and profits. GEE saw the abrupt departures of its CEO and CFO in February.
GEE is also facing a number of challenges in terms of a Securities & Exchange Commission (SEC) investigation and a number of legal Class Action potential claims from shareholders.
ChinaTravelNews reported last year that HNA Group's New Third Board-listed subsidiary Shareco Group of America, Inc. planned to buy a 34.90% stake in GEE for about USD 416 million (RMB 2.8 billion) in cash.
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