Glory Star New Media Group Holdings Limited Receives Nasdaq Notice of Deficiency Regarding Minimum Bid Price Requirement

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.