Luokung Receives NASDAQ Notice Related to Filing of Form 20-F
Luokung Technology (NASDAQ: LKCO), a leading provider of LBS and HD Maps in China, announced that it received a notice from NASDAQ on May 2, 2024, for not timely filing its 2023 Annual Report on Form 20-F. The notice states non-compliance with NASDAQ Listing Rule 5250(c)(1). Luokung has until July 1, 2024, to submit a compliance plan. If accepted, NASDAQ may extend the deadline to October 28, 2024. This notice does not currently impact the listing of Luokung shares on NASDAQ. Luokung is a key player in spatial-temporal intelligent big data services, offering solutions for smart transportation, natural resource asset management, and LBS smart industry applications.
- Luokung is recognized as a leading provider in the LBS and HD Maps market in China.
- The company has advanced spatial-temporal big data technology.
- Luokung offers solutions for multiple industries, including smart transportation and natural resource management.
- The company is actively developing digital twin systems for various industries.
- Luokung failed to file its 2023 Annual Report on Form 20-F on time.
- Received a non-compliance notice from NASDAQ, which may affect investor confidence.
- The company has until July 1, 2024, to submit a compliance plan to regain compliance.
- Potential risk of delisting if the compliance plan is not accepted or the report not filed by the extended deadline of October 28, 2024.
BEIJING, May 14, 2024 (GLOBE NEWSWIRE) -- 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 May 2, 2024, the Company received a notice from the NASDAQ Stock Market (the “Nasdaq Notice”), notifying the Company that it is not in compliance with the requirements for continued listing set forth in NASDAQ Listing Rule 5250(c)(1) because it did not timely file its annual report on Form 20-F for the year ended December 31, 2023 (the “2023 Annual Report”).
In accordance with NASDAQ Listing Rules, the Company has 60 calendar days from the date of the Nasdaq Notice, or until July 1, 2024, to submit a plan to regain compliance with NASDAQ Listing Rules (the “Compliance Plan”). If NASDAQ accepts the Compliance Plan, NASDAQ may grant the Company an extension until October 28, 2024 to regain compliance.
The Company intends either to file its 2023 Annual Report or submit the Compliance Plan within the prescribed 60-day period. The Nasdaq Notice has no immediate impact on the listing of the Company’s ordinary shares on the Nasdaq Capital Market.
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. Jian Zhang
Chief Financial Officer
Tel: +86-10-6506-5217
Email: ir@luokung.com
FAQ
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