BEIJING, April 17, 2020 /PRNewswire/ -- Luokung
Technology Corp. (NASDAQ: LKCO) ("Luokung" or the "Company"), On
April 13, 2020, Luokung Technology
Corp. (the "Company") received a notification letter from the
Listing Qualifications Staff (the "Staff") of The Nasdaq Stock
Market LLC ("Nasdaq") indicating that the bid price for the
Company's common stock for the last 30 consecutive business days
had closed below the minimum $1.00
per share required for continued listing under Nasdaq Listing Rule
5550(a)(2).
The notification received has no immediate effect on the listing
of the Company's common stock on Nasdaq. Under Nasdaq Listing Rule
5810(c)(3)(A), the Company has been granted a 180 calendar day
grace period, or until October 12, 2020, to regain compliance with
the minimum bid price requirement. The continued listing standard
will be met if the Company evidences a closing bid price of at
least $1.00 per share for a minimum of 10 consecutive business days
during the 180 calendar day grace period. In order for Nasdaq to
consider granting the Company additional time beyond October 12,
2020, the Company would be required, among other things, to meet
the continued listing requirement for market value of publicly held
shares as well as all other standards for initial listing on
Nasdaq, with the exception of the minimum bid price requirement. If
measured today, the Company would qualify for Nasdaq's
consideration of an extension because the Company currently has
stockholders' equity of at least $5 million. In the event the
Company does not regain compliance with the $1.00 bid price
requirement by October 12, 2020, eligibility for Nasdaq's
consideration of a second 180 day grace period would be determined
on the Company's compliance with the above referenced criteria on
October 12, 2020.
The Company is diligently working to evidence compliance with
the minimum bid price requirement for continued listing on Nasdaq;
however, there can be no assurance that the Company will be able to
regain compliance or that Nasdaq will grant the Company a further
extension of time to regain compliance, if necessary.
About Luokung Technology Corp.
Luokung Technology Corp. is one of the global leading
spatial-temporal big-data processing technology companies and a
leading interactive location-based services company in China. The core business brands of the Company
are "Luokuang" and "Superengine". The Company mainly provides
spatial temporal big data PaaS, SaaS and DaaS intelligent services
based on its self-developed patented technology which can be
applied in Mobile Internet LBS, Internet Travelling, Intelligent
Transportation, Automatic Drive, Smart City, Intelligent IoT,
Natural Resources Exploration and Monitoring and so on. These
services are integrated intelligent computing and application
services for spatial temporal data which including but not limited
to Satellite and UAV Remote Sensing Image Data, HD Map, 2D and 3D
Internet Map, Real-time Trajectory, IoT Industrial Stream Data. For
more information please go to http://www.luokung.com.
Business Risks and Forward-Looking Statements
This news release contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, and as defined in the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements can be
identified by terminology such as "will", "expects", "anticipates",
"future", "intends", "plans", "believes", "estimates", "target",
"going forward", "outlook" and similar statements. Such statements
are based upon management's current expectations and current market
and operating conditions and relate to events that involve known or
unknown risks, uncertainties and other factors, all of which are
difficult to predict and many of which are beyond the Company's
control, which may cause the Company's actual results, performance
or achievements to differ materially from those in the
forward-looking statements. Further information regarding these and
other risks, uncertainties or factors is included in the Company's
filings with the U.S. Securities and Exchange Commission. The
Company does not undertake any obligation to update any
forward-looking statement as a result of new information, future
events or otherwise, except as required under law.
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SOURCE Luokung Technology Corp.