BEIJING, January 10,
2023 /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"), today announced
that on January 4, 2023, the Company
received notice from the Listing Qualifications Department (the
"Staff") of The Nasdaq Stock Market LLC ("Nasdaq") indicating that,
based upon the Company's non-compliance with the minimum bid price
requirement set forth in Nasdaq Listing Rule 5550(a)(2) (the
"Rule") as of January 3, 2023, the
Company's securities would be delisted from Nasdaq unless the
Company timely requests a hearing before the Nasdaq Hearings
Panel.
The Company plans to timely request a hearing before the Panel,
which request will stay any further delisting action by Nasdaq at
least pending the hearing and the expiration of any extension that
may be granted by the Panel following the hearing. There can be no
assurance however that the Panel will grant the Company's request
for continued listing or that the Company will be able to evidence
compliance with the Rule and all other applicable criteria for
continued listing on Nasdaq within the period of time that may be
granted by the Panel.
As previously disclosed on January 7,
2022, and July 7, 2022, the
Company was first notified by the Staff on January 3, 2022, that it failed to satisfy the
minimum bid price requirement of $1.00 per share for the preceding 30 consecutive
business days and was granted a grace period through July 5, 2022, to regain compliance the Rule.
Thereafter, on July 6, 2022, in
accordance with the Nasdaq Listing Rules, the Staff granted the
Company an additional 180 calendar day extension to regain
compliance with the Rule. To evidence compliance with the Rule, the
Company must report a closing bid price of at least $1.00 per share for a minimum of 10, though
generally not more than 20, consecutive business days.
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 for various industries in China. Backed by its proprietary technologies
and expertise in 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.
View original
content:https://www.prnewswire.com/news-releases/luokung-receives-nasdaq-listing-determination-company-to-request-hearing-301718283.html
SOURCE Luokung Technology Corp.