Luokung Technology Corp. (LKCO) shares gained 2.52% in the after-market on Monday, May 24, 2021, and closed at $1.22 per share. earlier, LKCO’s stock gained 2.59% to close Monday’s normal session at $1.19 per share. LKCO shares have risen 128.58% over the last 12 months, and they have moved up 0.85% in the past week. Over the past three months, the stock has lost 38.02%, while over the past six months, it has surged190.24%.
Recent developments about LKCO
Annual report filed
On May 14, 2021, Luokung Technology Corp filed its annual report on Form 20-F for the year ended December 31, 2020, with the U.S. Securities and Exchange Commission (SEC)
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LKCO trading will continue on Nasdaq
On May 6, 2021, Luokung Technology Corp received relief from United States District Court for the District of Columbia as a motion for a preliminary injunction was granted by the court
After the court decision, Nasdaq notified Luokung in writing that it has withdrawn its delisting letter, and the Company’s shares will continue to trade on the NASDAQ stock market.
What’s the background?
On April 30, 2021, Luokung Technology Corp was notified by the Nasdaq about the suspension of the Company’s ordinary shares and halting the trading on Nasdaq because the company was placed by the U.S. Department of Defense on a list of entities operating directly or indirectly in the United States and deemed to be “Communist Chinese military companies”, which are subject to certain restrictions under Executive Order 13959.
Regaining Nasdaq minimum bid price requirement
On April 14, 2021, Luokung Technology Corp regained compliance with the Nasdaq Capital Market’s minimum bid price requirement. The letter noted that as of April 8, 2021, the Company evidenced a closing bid price of its ordinary shares at or greater than the $1.00 per share minimum requirement for the last 20 consecutive business days, from March 11, 2021, through April 8, 2021. Nasdaq stated that accordingly, Luokung has regained compliance with Nasdaq
Completing 100% acquisition of eMapgo Technologies
On March 17, 2021, Luokung Technology Corp completed the acquisition of eMapgo Technologies (Beijing) Co., Ltd.
eMapgo Technologies is a leading provider of navigation and electronic map services in China with 24% of China’s in-dash navigation market share.
EMG’s customers primarily consist of auto manufacturers and EMG has approximately 24% of China’s in-dash navigation market share.
As of this writing, there is no recent news but in May, the company received a huge relief from the court, and LKCO start trading again on Nasdaq. It is hard to say how LKCO stock will perform in the coming days due to the rift between the U.S and Chinese governments which has already resulted in a ban on many prominent chinses companies in the U.S.A.