BEIJING, Feb. 14, 2025 — Luokung Technology Corp. (NASDAQ: LKCO) (“Luokung” or the “Company”) announced today that on February 11, 2025, it received notification from Nasdaq Stock Market LLC that it is not compliant with Nasdaq Listing Rule 5550(b). Nasdaq determined that Luokung hadn’t provided a viable plan to achieve and maintain compliance with continued listing requirements. Consequently, Nasdaq denied Luokung’s request for continued listing on the Nasdaq Capital Market.
As previously disclosed, on October 23, 2024, Nasdaq informed Luokung of its non-compliance with the minimum $2.5 million stockholders’ equity requirement (Listing Rule 5550(b)(1)) based on its 2023 20-F filing, which reported stockholders’ equity of ($63,228,280). The company did not meet alternative compliance criteria related to market value or net income. Luokung had until December 9, 2024, to submit a plan to regain compliance, with a possible 180-day extension until April 21, 2025. After submitting its plan on December 9, 2024, Nasdaq issued its notification after review.
Luokung has until February 18, 2025, to appeal this delisting decision to a hearing panel.
The Company intends to appeal before February 18, 2025. This appeal will halt the suspension of its securities, maintaining their listing on Nasdaq during the appeal process.
Failure to appeal by February 18, 2025, will result in a trading suspension starting February 20, 2025, followed by a Form 25-NSE filing with the SEC, removing Luokung’s securities from Nasdaq.
Luokung is exploring all options to regain compliance.
ABOUT LUOKUNG TECHNOLOGY CORP.
Luokung Technology Corp. is a leading spatial-temporal intelligent big data services company and a major provider of LBS and HD Maps for various industries in China. Utilizing proprietary technologies and expertise in HD Maps and multi-sourced intelligent spatial-temporal big data, Luokung has developed city-level and industry-level holographic spatial-temporal digital twin systems. It serves industries such as smart transportation (autonomous driving, smart highways, 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, and emergency rescue).
CONTACT:
The Company:
Mr. Jian Zhang
Chief Financial Officer
Tel: +86-10-6506-5217
Email:
