Luokung Regains Compliance with Nasdaq Minimum Bid Price Requirement

Rhea-AI Summary

Luokung Technology Corp. (NASDAQ: LKCO) announced it has regained compliance with the Nasdaq Capital Market's minimum bid price requirement. As of April 8, 2021, the company's ordinary shares closed at or above the $1.00 minimum bid price for 20 consecutive business days, starting from March 11, 2021. The Nasdaq has confirmed that Luokung has complied with Rule 5550(a)(2), marking the matter as closed. This compliance reflects positively on the company's stock standing and may boost investor confidence moving forward.

Positive

• Regained compliance with Nasdaq's minimum bid price requirement.
• Closing bid price was at or above $1.00 for 20 consecutive business days.

Negative

• None.

BEIJING, April 14, 2021 /PRNewswire/ -- Luokung Technology Corp. (NASDAQ: LKCO) ("Luokung" or the "Company"), a leading interactive location-based services and big data processing technology company in China, today announced that it received a letter from The Nasdaq Stock Market LLC notifying the Company that it has regained compliance with the Nasdaq Capital Market's minimum bid price requirement. The letter noted that as of April 8, 2021, the Company evidenced a closing bid price of its ordinary shares at or greater than the $1.00 per share minimum requirement for the last 20 consecutive business days, from March 11, 2021 through April 8, 2021. Nasdaq stated that accordingly, Luokung has regained compliance with Nasdaq Marketplace Rule 5550(a)(2), and Nasdaq considers the matter closed.

About Luokung Technology Corp.

Luokung Technology Corp. is one of the world's leading spatial-temporal big-data processing technology companies and a leading interactive location-based services company in China. It provides integrated DaaS, SaaS, and PaaS services for Internet and Internet of Things of Spatial-Temporal big data based on its patented technology. Based on geographic information systems and intelligent Spatial-Temporal big data, it establishes city-level and industry-level digital twin holographic data models to actively serve smart cities, intelligent transportation, smart industry, LBS. For more information, please visit http://www.luokung.com. The Company routinely provides important updates on its website.

Contact:

At the Company:
Mr. Jay Yu
Chief Financial Officer
Tel: +86-10-5327-4727
Email: ir@luokung.com

Investor Relations
Adam Prior
Senior Vice President
The Equity Group Inc.
Tel: 212-836-9606      
Email: aprior@equityny.com

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SOURCE Luokung Technology Corp.

FAQ

What did Luokung Technology Corp. announce on April 14, 2021?

Luokung announced it has regained compliance with Nasdaq's minimum bid price requirement.

What is the significance of Luokung's compliance with Nasdaq?

Regaining compliance may enhance investor confidence and stabilize the stock price.

When did Luokung meet the minimum bid price requirement?

Luokung met the requirement as of April 8, 2021.

What was the closing bid price range for Luokung shares?

The shares closed at or above $1.00 for 20 consecutive business days.

What rule did Luokung comply with according to Nasdaq?

Luokung complied with Nasdaq Marketplace Rule 5550(a)(2).