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Luokung Technology Inc. (NASDAQ: LKCO), show a decline in its stock during pre-market since the company has received a notice from NASDAQ. The company provides interactive location based services and deals with big data processing technology. Luokung Technology facilitates with integrated DaaS, SaaS, and PaaS services for internet. LKCO creates city-level and industry level digital twin holographic models with the help of geographic information systems and intelligent spatial temporal big data with the goal to serve smart cities, intelligent transportation, smart industry and LBS.
What is happening?
On January 14, 2021, Luokung Technology was added in the list of “Communist Chinese military companies” alongside 8 other companies by the Department of Defense of United States following the section 1237 of the National Defense Authorization Act for Fiscal year 1999. The company being an enterprise owned by non-state members has always gone through lawful operations and followed all the necessary rules and regulations. The company has been providing services and products to civilians, commercial purposes or for public services whereas time and again they have clarified that LKOC is not owned or affiliated with Chinese military. In response to this, LKCO announced that they will take measures necessary to save their status and interests of company as well as their shareholders.
On March 6, LKCO received a notice from NASDAQ claiming that as a result of Luokung Technology being put in the above mentioned list, that includes companies whether they are operating directly in USA or indirectly and are bound by certain restrictions under Executive order 13959, the company’s ordinary shares will be suspended at the opening of business on March 15, 2021. This is definitely a huge setback for the company that has resulted in the decline of LKCO stock. Furthermore, NASDAQ will put a form 25-NSE with Securities and Exchange Commission that will remove Luokung’s securities from listing and registration on The NASDAQ Stock Market.
In response to this, the company is planning to formally put forward their appeal to the NASDAQ Staff’s determination to a hearing’s panel. In a press release company has also announced that they are separately initiating their case in US federal District court for the District of Columbia. They declare that the company had been unlawfully designated as CCMC and the restrictions that have come along are a huge loss for company and its shareholders. The case should be processed on legal grounds providing the company with justice but before that temporary emergency relief should be given to Luokung Technology.