Luokung Announces Receipt Of Nasdaq Notification Regarding Minimum Bid Price Deficiency

Luokung Technology Corp. (NASDAQ:LKCO) ("Luokung" or the "Company"), a leading spatial-temporal intelligent big data services company and provider of interactive location-based services ("LBS") and high-definition maps ("HD Maps") in China, today announced that it has received a notification letter from The Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that it is not in compliance with the minimum bid price requirement set forth in Nasdaq Listing Rules 5550(a)(2) and 5810(c)(3)(A), which require that the closing bid price for the Company's ordinary shares listed on Nasdaq be maintained at a minimum of US$1.00 and failure to maintain it for 30 consecutive trading days constitutes a compliance deficiency.

 

The notification has no immediate effect on the listing of the Company's ordinary shares on Nasdaq.

In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has 180 calendar days from the date of notification, or until May 1, 2024, to regain compliance with the minimum bid price requirement, during which time the Company's ordinary shares will continue to trade on the Nasdaq Capital Market. If at any time before May 1, 2024, the bid price of the Company's ordinary shares closes at or above US$1.00 per share for a minimum of 10 consecutive business days, Nasdaq will provide written notification that the Company has achieved compliance with the minimum bid price requirement. In the event the Company does not regain compliance by May 1, 2024, the Company may be eligible for additional time to regain compliance or may be delisted from Nasdaq.

The Company intends to monitor the closing bid price of its ordinary shares and may consider options that may be available to achieve compliance, including, but not limited to, implementing a reverse share split of its outstanding ordinary shares at the end of the first or second compliance period, as the situation applies.