BEIJING, March 24, 2023 /PRNewswire/ -- Glory Star New Media Group Holdings Limited (NASDAQ: GSMG) ("Glory Star" or the "Company"), a leading digital media platform and content-driven e-commerce company in China, today announced that on March 22, 2023, it received a written notice (the "Notice") from the Listing Qualifications Department of The Nasdaq Stock Market ("Nasdaq") indicating that the Company is not in compliance with the minimum bid price requirement of US$1.00 per share under the Nasdaq Listing Rules (the "Listing Rules"). Based on the closing bid price of the Company's listed securities for the last 30 consecutive business days from February 7, 2023 to March 21, 2023, the Company no longer meets the minimum bid price requirement set forth in Listing Rule 5550(a)(2). The Notice is only a notification of deficiency, not of imminent delisting, and has no current effect on the listing or trading of the Company's securities on the Nasdaq Capital Market.

The Notice states that under Listing Rule 5810(c)(3)(A), the Company is provided with a compliance period of 180 calendar days, or until September 18, 2023, to regain compliance with the Listing Rules. To regain compliance with the Listing Rules, the Company's listed securities must be at least US$1.00 for a minimum of ten consecutive business days. In the event the Company does not regain compliance by September 18, 2023, the Company may be eligible for additional time to regain compliance or may face delisting.

The Company intends to monitor the closing bid price of its ordinary shares between now and September 18, 2023, and to evaluate its available options to regain compliance within the compliance period.

The Company intends to resolve the deficiency and regain compliance with the Listing Rules.