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Luokung Technology Corp (NASDAQ: LKCO) is a leading provider of mobile services and technology, specifically catering to the long-distance travel and railway Wi-Fi market in China. The company's primary product, the Luokuang platform, is a Location-based Service (LBS) social content and service distribution platform. It is designed to offer personalized and precise services to long-distance travelers, enhancing their travel experience both on the train and at their destination.
Luokung's offerings include a wide range of entertainment services such as video and audio streaming, digital reading material, games, and social services. These services aim to keep travelers engaged and entertained throughout their journey.
Recently, Luokung has focused on spatial-temporal intelligent big data services and the provision of high-definition maps (HD Maps) in China. This enables the company to support interactive LBS, providing users with real-time location data and mapping services.
However, on May 2, 2024, Luokung received a notice from NASDAQ indicating non-compliance with the requirements for continued listing due to the delayed filing of its annual report on Form 20-F for the year ended December 31, 2023. Despite this setback, Luokung remains committed to resolving this issue and continuing its provision of innovative services.
With its cutting-edge solutions and focus on enhancing the traveler experience, Luokung Technology Corp aims to play a significant role in China's travel and technology sectors.
Luokung Technology Corp. (NASDAQ: LKCO) announced on March 5, 2021, that Nasdaq will suspend trading of its shares from March 15, 2021, due to its inclusion on the U.S. Department of Defense's Communist Chinese Military Companies list. The company is appealing this decision to the Nasdaq Hearings Panel. Concurrently, Luokung filed a case in the U.S. Federal District Court challenging its designation as a CCMC and plans to seek a Temporary Restraining Order to block enforcement of related restrictions. Luokung asserts it qualifies for relief under a recent General License from the U.S. Treasury.
Luokung Technology Corp. (NASDAQ: LKCO) filed a lawsuit against the U.S. government challenging its designation as a "Communist Chinese Military Company" (CCMC) under Executive Order 13959. The company, along with two U.S. shareholders, claims this designation is unlawful, arbitrary, and capricious. Luokung is seeking a court declaration to invalidate its CCMC status, which restricts U.S. transactions in its securities starting March 15, 2021. The company argues it qualifies under General License 1A, asserting that its legal name does not match the DoD's list precisely.
Luokung Technology Corp. (NASDAQ: LKCO) announced it is seeking clarification on the trading deadline for U.S. persons regarding its securities, which may be either March 15, 2021, or May 27, 2021. This uncertainty follows the company's listing by the U.S. Department of Defense as a "Communist Chinese Military Company" (CCMC) under Executive Order 13959. Luokung confirms compliance with relevant laws and asserts it is not affiliated with the military. The company is exploring options to remove itself from the CCMC list and aims to protect shareholder interests.
Luokung Technology Corp. (NASDAQ: LKCO) announced on February 22, 2021, the closing of a registered direct offering. This involves 48,076,923 ordinary shares and warrants for 19,230,768 shares, priced at $2.08 each, yielding approximately $100 million in gross proceeds. The warrants, with an exercise price of $2.38, expire in three years. The funds will be utilized for working capital and general corporate purposes. FT Global Capital served as the exclusive placement agent. The offering was priced in accordance with Nasdaq regulations.
Luokung Technology Corp. (NASDAQ: LKCO) announced a registered direct offering of $100 million for ordinary shares at $2.08 per share, totaling 48,076,923 shares. Additionally, the offering includes warrants for 19,230,768 shares at an exercise price of $2.38, valid for three years. Proceeds will support working capital and general corporate purposes, with the offering expected to close around February 19, 2021. FT Global Capital, Inc. is serving as the exclusive placement agent for this transaction.
Luokung Technology Corp. (LKCO) announced the closing of a $15 million registered direct offering with institutional investors. The company issued 16,891,892 ordinary shares at $0.888 per share, along with warrants for purchasing up to 8,445,946 shares at an exercise price of $1.11 for three years. FT Global Capital acted as the exclusive placement agent. This offering aims to enhance liquidity and support the company’s growth in spatial-temporal big-data processing.
Luokung Technology Corp. (NASDAQ: LKCO) announced a registered direct offering of approximately $15.0 million in ordinary shares priced at $0.888 per share. A total of 16,891,892 shares will be issued, along with warrants for 8,445,946 shares at an exercise price of $1.11, valid for three years. The funds will be allocated for working capital and general corporate purposes. The offering is set to close around February 16, 2021.
Luokung Technology Corp. (NASDAQ: LKCO) has completed a registered direct offering raising $5.0 million by issuing 9,615,387 ordinary shares at $0.52 per share. Investors also received warrants for 4,807,694 shares at an exercise price of $0.68, valid for three years. FT Global Capital, Inc. served as the exclusive placement agent for this transaction. The funding aims to support the company's growth in spatial-temporal big data processing and interactive location-based services.
Luokung Technology Corp. (NASDAQ: LKCO) announced a registered direct offering of $5.0 million of ordinary shares at $0.52 per share. The company will issue 9,615,387 shares and 4,807,694 warrants at an exercise price of $0.68. The funding aims to support working capital and corporate purposes. The offering is expected to close on or about February 9, 2021, pending customary closing conditions. FT Global Capital, Inc. served as the exclusive placement agent for this transaction.
Luokung Technology Corp. (NASDAQ: LKCO) announced a partnership between eMapgo Technologies (EMG) and BAIC BJEV to develop autonomous driving projects for electric vehicles. This collaboration aims to enhance the HD map services for autonomous valet parking and advance L3 to L4 automation. EMG, a provider of HD map services, leverages its technology to participate in self-driving vehicle standards in China. The partnership positions Luokung favorably in the growing autonomous driving sector, as they finalize the acquisition of EMG.
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