BEIJING, July 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 on July 6, 2022, the Company
received an additional 180 calendar day extension ("Second
Compliance Grace Period") from Nasdaq's Listing Qualifications
Department to meet Nasdaq's continuing listing requirements by
maintaining a minimum bid price per share of $1.00 for a minimum of 10 consecutive trading
days. The Company now has until January 2,
2023 to regain compliance.
Nasdaq's extension notice has no immediate effect on the
continued listing status of the Company's ordinary shares on
Nasdaq. If at any time before January 2,
2023, the bid price of the Company's ordinary shares closes
at or above $1.00 per share for a
minimum of 10 consecutive trading days, the Company will regain
compliance with the Nasdaq Listing Rules, and the matter will be
closed.
The Company was first notified by Nasdaq of its failure to
maintain a minimum bid price of $1.00
per share for 30 consecutive trading days under Nasdaq Listing
Rules 5550(a)(2) and 5810(c)(3)(A) on January 3, 2022, and was
given until July 5, 2022 to regain compliance.
If the Company does not meet the minimum bid requirement during
the additional 180-day extension, Nasdaq will provide written
notification to the Company that its ordinary shares will be
subject to delisting. In addition, the Second Compliance Grace
Period related exclusively to the bid price deficiency. The Company
may be delisted during such period for failure to maintain
compliance with any other listing requirements for which occurs
during this period. At such time, the Company may appeal the
delisting determination to a Nasdaq Hearings Panel (the "Panel").
The Company would remain listed pending the Panel's decision. There
can be no assurance that if the Company does appeal a subsequent
delisting determination, and that such appeal would be
successful.
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 has 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
Ms. Alice Zhang
Investor Relations Analyst
The Equity Group Inc.
Tel: 212-836-9610
Email: azhang@equityny.com
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SOURCE Luokung Technology Corp.