Luokung Technology Corp (NASDAQ: LKCO), a foremost communicating location-based amenities and big data dispensation know-how company established in China, proclaimed today that the U.S. Department of Defense (“DoD”) has detached the Company’s label as a Communist Chinese Military Company. In adding, as a consequence of the oversight of the Business from Executive Order 14032, which alters and supplants Executive Order 13959 in inflicting limits on trading stocks of certain Chinese corporations, Luokung, and its stockholders are no longer subject to any limits pursuant to Executive Order 13959, as corrected.
DoD authenticated the preceding to Luokung and to the U.S. District Court for the District of Columbia. Accordingly, in light of the preceding, Luokung and the administration Respondents have filed a joint proviso to have the Company’s claim disputing the description willingly discharged, which will bring the complaint to an end.
Luokung has recouped entitlement for addition in the FTSE GEIS (Micro Cap) alphabetical listing and supposes that it will be re-included in such index upon the open of the stock market on June 21, 2021.
Mr. Xuesong Song, Chairman, and CEO specified, “We are satisfied with this promising consequence for Luokung and its stakeholders. In the approaching weeks, we expect to provide added apprises on our operations. We feel that the market latent for our spatial-temporal skill will only endure to grow due to the growth of independent tenders. Lastly, our fresh concluding of the eMapgo Technologies acquirement is symptomatic of our confidence in the market latent of uniting Luokung’s core skill with eMapgo’s leading place in the Advanced Driving Assistance System (ADAS) and independent driving businesses. We are very pleased to put this test behind us and plan to endure to focus on constructing value for all of our stockholders.”
Luokung Technology Corp. is a foremost Spatial-Temporal intelligent big data amenities company and a foremost supplier of location-based services (LBS) and HD Maps for various businesses in China. Supported by its patented skills and know-how in HD Maps and connected, intelligent Spatial-Temporal big data, Luokung instituted city-level and industry-level holographic Spatial-Temporal digital twin systems.
