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RTC News
RTC Events
K Wave Media names Fang as Chief Financial Officer
K Wave Media (KWM) announced the appointment of Yong Fang as its new Chief Financial Officer, CFO. Before joining K Wave Media, Fang served as Chief Financial Officer of Baijiayun Group (RTC)
Baijiayun announces plans to invest tens of millions of dollars
Baijiayun Group announced a Letter to Investors, in which Baijiayun CEO Yi Ma stated that following its partnership with Xinlantian, the company plans to invest tens of millions of dollars over the next five years to establish new ecosystem for autism rehabilitation. Baijiayun CEO Yi Ma stated that over the past decade, Baijiayun has continuously deepened its presence in the education sector, possessing a strong technological moat and ecological synergy. Leveraging its experience and advantages in technological research and development, platform construction, and market operations, Baijiayun is confident in achieving significant results in the field of autism rehabilitation, creating new growth points for the company's performance, bringing new possibilities for more "children of the stars" in the field of special education, and achieving a win-win situation for both corporate and social values. According to data from the 2023 China Disability Census Report, the number of autistic patients in China has exceeded 13M, making it the leading cause of mental disabilities among Chinese children. Currently, there are approximately 2M children with autism aged 0-14 nationwide, with an annual increase of about 160,000. The latest report released by the US Centers for Disease Control and Prevention, or CDC, in April this year also shows that about 1 in 31 US children is affected, indicating that the significant increase in the incidence of autism has become a global issue.
Baijiayun announces strategic cooperation with Xinlantian
Baijiayun announced that it has reached a strategic cooperation with Beijing Xinlantian Education Technology. This cooperation marks that Baijiayun, with its exploration in AI and large language model technologies, will combine with Xinlantian's professional accumulation in the field of rehabilitation training for autistic children.
Baijiayun receives noncompliance notification from Nasdaq
Baijiayun announced that it had received a written notification from Nasdaq, indicating that the company was not in compliance with Nasdaq Listing Rule 5450, as the company's closing bid price for its Class A ordinary shares, par value $0.0001 per share, was below $1.00 per share for the prior thirty consecutive business days. Pursuant to the notice, normally, a company would be afforded a 180-calendar day period to demonstrate compliance with the minimum bid price requirement. However, pursuant to Nasdaq Listing Rule 5810, the company is not eligible for any compliance period specified in Nasdaq Rule 5810 due to the fact that the company has effected a reverse stock split over the prior one-year period. As a result, the staff determined to delist the company's securities from Nasdaq, unless the company requests an appeal of the staff's determination to a Hearings Panel by March 21, pursuant to the procedures set forth in the Nasdaq Listing Rule 5800 Series.
Baijiayun announces standby equity purchase agreement with YA II PN
Baijiayun announced late Friday that it entered into a standby equity purchase agreement, with YA II PN, a fund managed by Yorkville Advisors Global. YA is committed to purchase up to $50M of the company's class shares at any time during the two-year period following the execution date of the agreement. Pursuant to the agreement, YA will advance to Baijiayun, subject to the satisfaction of certain conditions, the principal amount of up to $15M, which will be evidenced by convertible promissory notes in four tranches. The first pre-advance, in the principal amount of $3M, was advanced December 6. D. Boral Capital acted as the exclusive placement agent for the offering.
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