Home Trending Stocks Luokung Technology Corp. (LKCO) Stock Undergoes Volatility as Appeal Over CCMC Designation...

Luokung Technology Corp. (LKCO) Stock Undergoes Volatility as Appeal Over CCMC Designation is Underway

Luokung Technology Corp. (LKCO) stock prices were down by 6.40% as of the market closing on May 11th, 2021, bringing the price per share down to USD$1.17. Subsequent pre-market fluctuations saw the stock rally by 7.69%, bringing it back up to USD$1.26.

Get the hottest stocks to trade every day before the market opens 100% ‎free. Click here now. 

Trading of Shares Halted

LKCO dropped a bombshell at the end of April 2021 when it announced that the trading of its ordinary shares would be suspended as of the commencement of the trading day on May 9th, 2021. Additionally, the end of the traading day on May 7th, 2021 would see the halting of the trading of LKCO securities. These retricctions were a result of the company having been given a Communist Chinese military company designation, which put LKCO at the mercy of Executive Order 13959.

5 Stocks Under $10 That Are Poised to Take Off

Investing in stocks under $10 could significantly increase the returns on your portfolio, especially if you pick the right stocks! Within this report you will find 5 top stocks that offer investors huge upside potential and the best bang for their buck.

Add them to your watchlist before they take off!

Get the Top 5 Stocks Now!

Sponsored

Read More

CCMC Designation

The U.S. Department of Defense added LKCO to the Section 1237 List of CCMCs on January 14th of 2021. In a strange sequence of events, the company had its name misspelled by the DoD, which resulted in the U.S. Department of the Treasure Office of Foreign Assets Control (OFAC) to notify LKCO that the misspelled company had been delisted, while LKCO was redesignated using it correct spelling.

Resisting CCMC Designation

LKCO and two U.S. shareholders have filed a joined complaint with the United States District Court for the District of Columbia in regard to the devastating developments. Under the complaint, the U.S. DoD’s designation of LKCO as a CCMC and the resulting restrictions stemming from Executive Order 13959 by former President Trump are both in violation of the law.

Request for Preliminary Injunction

Expecting the lawsuit to reach a conclusion past the date of what the lawsuit is fighting against, LKCO has filed a motion for a preliminary injunction that will defer the CCMC designation and associated trading restrictions until the case has been settled. With the company confident of an outcome in their favor, they argue that the failure to issue an injunction could end up having unmerited and disastrous effects on the company’s balance of equities as well as public interest.

Preliminary Injunction Granted

The company announced on May 6th, 2021 that LKCO’s previously announced motion for a preliminary injunction was granted by the U.S. District Court for the District of Columbia. As per the results of the ruling, the Department of Defense and other government defendants are prohibited from implementing or enforcing the designation of LKCO as a CCMC, as well as any consequential restrictions pursuant to Exevutive Order 13959.

Get the hottest stocks to trade every day before the market opens 100% ‎free. Click here now. 

Future Outlook for LKCO

With immediate and devastating disaster having been circumvented with the granting of the preliminary injunction, the company is now focused on addressing its political concerns, which it is confident it will be able to do. LKCO hopes this debacle will prove to have been a minor speedbump in the company’s history as it continues leveraging its resources to ensure significant and sustained increases in shareholder value for years to come.

Get The Best Stocks To Trade Every Day!

Join now to get the NewsHeater.com pre-market morning brief 100% free

Must Read

Tyme Technologies, Inc. (TYME) Stock Trends downwards Following Strong Q4 2021 Financials and Progress in OASIS Trial

Tyme Technologies, Inc. (TYME) stock prices was down by -6.92% shortly after market trading commenced on June 11th, 2021, bringing the price per share...

Prophase Labs Inc. (PRPH) stock surged during pre-market trading session. Let’s figure out why?

Prophase Labs Inc. (NASDAQ: PRPH) stock soared by 5.87% at last close as well as the PRPH stock price has been observed rising by...

Why Surgalign Holdings, Inc. (SRGA) stock is gloomy today?

Surgalign Holdings, Inc. (SRGA) stock announced the $50 million registered direct offering priced at the market under Nasdaq rules today on June 10, 2021,...

Exela Technologies Inc. (XELA) stock soars during pre-market. Here’s what you should know?

Exela Technologies Inc. (NASDAQ: XELA) stock gained by 8.28% at last close while the XELA stock price rises in the pre-market as well, by...

Atossa Therapeutics, Inc. (ATOS) stock gains during pre-market trading. Here’s to know why?

Atossa Therapeutics, Inc. (NASDAQ: ATOS) stock declined by 27.51% at the last close while the ATOS stock price rises further by 9.09% in the...

Tyme Technologies, Inc. (TYME) Stock Trends downwards Following Strong Q4 2021 Financials and Progress in OASIS Trial

Tyme Technologies, Inc. (TYME) stock prices was down by -6.92% shortly after market trading commenced on June 11th, 2021, bringing the price per share...

Magnachip Semiconductor Corporation (MX) stock is Popping High today: Why is it so?

Shares of the Magnachip Semiconductor Corporation (MX) stock were popping high after the announcement of its receival of unsolicited buyout bid from Cornucopia Investment...

Why is Autolus Therapeutics plc (AUTL) stock rising today?

Shares of  Autolus Therapeutics plc (AUTL) stock were rising today on June 11, 2021, following the release of the presentation data related to obe-cel...

Related News

Tyme Technologies, Inc. (TYME) Stock Trends downwards Following Strong Q4 2021 Financials and Progress in OASIS Trial

Tyme Technologies, Inc. (TYME) stock prices was down by -6.92% shortly after market trading commenced on June 11th, 2021, bringing the price per share...

Prophase Labs Inc. (PRPH) stock surged during pre-market trading session. Let’s figure out why?

Prophase Labs Inc. (NASDAQ: PRPH) stock soared by 5.87% at last close as well as the PRPH stock price has been observed rising by...

Why Surgalign Holdings, Inc. (SRGA) stock is gloomy today?

Surgalign Holdings, Inc. (SRGA) stock announced the $50 million registered direct offering priced at the market under Nasdaq rules today on June 10, 2021,...

Exela Technologies Inc. (XELA) stock soars during pre-market. Here’s what you should know?

Exela Technologies Inc. (NASDAQ: XELA) stock gained by 8.28% at last close while the XELA stock price rises in the pre-market as well, by...

Atossa Therapeutics, Inc. (ATOS) stock gains during pre-market trading. Here’s to know why?

Atossa Therapeutics, Inc. (NASDAQ: ATOS) stock declined by 27.51% at the last close while the ATOS stock price rises further by 9.09% in the...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Get The Best Stocks To Trade Every Day!

Join now to get the NewsHeater.com pre-market morning brief 100% free

Get The Best Stocks To Trade Every Day!

Join now to get the NewsHeater.com pre-market morning brief 100% free

We do not sell or share your information with anyone.

Get Notified Of Insider Trades, Analyst Upgrades & Downgrades, Earnings Updates & Best Stocks To Trade Every Single Morning

100% free. stop anytime no spam