BEIJING, Jan. 7, 2022 /PRNewswire/
-- Luokung Technology Corp. (NASDAQ: LKCO) ("Luokung" or
the "Company"), a leading spatial-temporal intelligent big data
services company and provider of interactive location-based
services ("LBS") and high-definition maps ("HD Maps") in
China, today announced that it has
received a notification letter from The Nasdaq Stock Market LLC
("Nasdaq") notifying the Company that it is not in compliance with
the minimum bid price requirement set forth in Nasdaq Listing Rules
5550(a)(2) and 5810(c)(3)(A), which require that the closing bid
price for the Company's ordinary shares listed on Nasdaq be
maintained at a minimum of US$1.00
and failure to maintain it for 30 consecutive trading days
constitutes a compliance deficiency.
The notification has no immediate effect on the listing of the
Company's ordinary shares on Nasdaq.
In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the
Company has 180 calendar days from the date of notification, or
until July 5, 2022, to regain compliance with the minimum bid price
requirement, during which time the Company's ordinary shares will
continue to trade on the Nasdaq Capital Market. If at any time
before July 5, 2022, the bid price of the Company's ordinary shares
closes at or above US$1.00 per share for a minimum of 10
consecutive business days, Nasdaq will provide written notification
that the Company has achieved compliance with the minimum bid price
requirement. In the event the Company does not regain compliance by
July 5, 2022, the Company may be eligible for additional time to
regain compliance or may be delisted from Nasdaq.
The Company intends to monitor the closing bid price of its
ordinary shares and may consider options that may be available to
achieve compliance, including, but not limited to, implementing a
reverse share split of its outstanding ordinary shares at the end
of the first or second compliance period, as the situation
applies.
About Luokung Technology Corp.
Luokung Technology Corp. is a leading spatial-temporal
intelligent big data services company, as well as a leading
provider of LBS and HD Maps for various industries in China. Backed by its proprietary technologies
and expertise in HD Maps and multi-sourced intelligent
spatial-temporal big data, Luokung established city-level and
industry-level holographic spatial-temporal digital twin systems
and actively serves industries including smart transportation
(autonomous driving, smart highway and vehicle-road collaboration),
natural resource asset management (carbon neutral and environmental
protection remote sensing data service), and LBS smart industry
applications (mobile Internet LBS, smart travel, smart logistics,
new infrastructure, smart cities, emergency rescue ,among others).
The Company routinely provides important updates on its website:
https://www.luokung.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS
This press release contains certain forward-looking statements.
Forward-looking statements include, but are not limited to,
statements regarding our or our management's expectations, hopes,
beliefs, intentions or strategies regarding the future and other
statements that are other than statements of historical fact. In
addition, any statements that refer to projections, forecasts or
other characterizations of future events or circumstances,
including any underlying assumptions, are forward-looking
statements. The words "anticipate", "believe", "continue", "could",
"estimate", "expect", "intend", "may", "might", "plan", "probable",
"potential", "should", "would" and similar expressions may identify
forward-looking statements, but the absence of these words does not
mean that a statement is not forward-looking.
The forward-looking statements in this press release are based
upon various assumptions, many of which are based, in turn, upon
further assumptions, including without limitation, management's
examination and analysis of the existing law, rules and regulations
and other data available from third parties. Although we believe
that these assumptions were reasonable when made, because these
assumptions are inherently subject to significant uncertainties and
contingencies which are difficult or impossible to predict and are
beyond our control, we cannot assure you the statement herein will
be accurate. As a result, you are cautioned not to rely on any
forward-looking statements.
CONTACT:
The Company:
Mr. Jay Yu
Chief Financial Officer
Tel: +86-10-6506-5217
Email: ir@luokung.com
Investor Relations:
Ms. Carolyne Sohn
Vice President
The Equity Group Inc.
Tel: 415-568-2255
Email: csohn@equityny.com
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SOURCE Luokung Technology Corp.