Luokung Shares to Continue to Trade in the United States on the Nasdaq Stock Market
Luokung Technology Corp. (NASDAQ: LKCO) announced that the U.S. District Court for the District of Columbia granted its motion for a preliminary injunction. This ruling prevents the Department of Defense from designating Luokung as a Communist Chinese military company under Executive Order 13959. Following the court's decision, Nasdaq has withdrawn its delisting letter, allowing Luokung's shares to continue trading on the NASDAQ. CEO Xuesong Song expressed gratitude for this prompt action, which protects shareholder interests.
- Court ruling prevents designation of Luokung as a Communist Chinese military company.
- Nasdaq has withdrawn its delisting letter, allowing shares to keep trading.
- None.
BEIJING, May 6, 2021 /PRNewswire/ -- Luokung Technology Corp. (NASDAQ: LKCO) ("Luokung" or the "Company"), a leading interactive location-based services and big data processing technology company based in China, announced earlier today that Luokung's previously announced motion for a preliminary injunction was granted by the United States District Court for the District of Columbia (the "Court"), and that as a result of the ruling, the Department of Defense and other government defendants are enjoined from implementing or enforcing the designation of Luokung as a Communist Chinese military company, and the resulting restrictions pursuant to Executive Order 13959.
Upon receipt of the Court's decision, Luokung contacted Nasdaq senior management to inform it of the action taken by the Court and requested that Nasdaq reconsider the delisting determination that it previously issued, as well as its decision to suspend trading in Luokung ordinary shares effective 8.p.m.(ET). on May 7, 2021. Earlier today Nasdaq notified Luokung in writing that it has withdrawn its delisting letter, and the Company's shares will continue to trade on the NASDAQ stock market.
Mr. Xuesong Song, Chairman and CEO, stated, "We are grateful to Nasdaq senior management for the prompt action that it has taken to maintain an orderly market for our shareholders."
About Luokung Technology Corp.
Luokung Technology Corp. is a leading interactive location-based services and big data processing technology 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.
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SOURCE Luokung Technology Corp.
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