Welcome to our dedicated page for Luokung Technology news (Ticker: LKCO), a resource for investors and traders seeking the latest updates and insights on Luokung Technology stock.
Luokung Technology Corp. (LKCO) is described in its public disclosures as a spatial-temporal intelligent big data services company and a provider of interactive location-based services (LBS) and high-definition maps (HD Maps) for various industries in China. The LKCO news feed on Stock Titan aggregates company announcements and market communications that shed light on its business focus, regulatory status, and corporate actions.
Investors and observers following LKCO-related news will find updates on Nasdaq listing compliance matters, including notices about minimum bid price requirements, periodic filing obligations, and stockholders’ equity thresholds. Luokung has reported receiving multiple letters from Nasdaq, extensions to regain compliance, and, later, a staff delisting determination, as well as its intention to appeal that determination.
Beyond listing status, Luokung’s news has included disclosures about share combinations affecting its ordinary shares, such as 30-to-1 and 8-to-1 share combinations, along with explanations of how these actions impact the number of issued and outstanding shares and the treatment of fractional shares. The company has also announced a strategic investment agreement with CHINA ORIENT SMART ECOTECH INVESTMENT GROUP LIMITED, detailing planned tranches of investment and related share issuance terms.
Because Luokung positions itself around spatial-temporal data, HD Maps, and LBS applications for smart transportation, natural resource asset management, and smart city-related use cases in China, its news often references these themes when describing its business and partnerships. Readers can use the LKCO news page as a centralized place to review historical company press releases and regulatory-related announcements connected to the former Nasdaq-listed symbol LKCO.
Luokung Technology Corp. (NASDAQ: LKCO) has received a notice from Nasdaq regarding non-compliance with the minimum bid price requirement of $1.00 per share, leading to potential delisting. This notice, received on January 4, 2023, indicates that the Company must request a hearing before the Nasdaq Hearings Panel to avoid delisting. The Company previously faced similar issues in early 2022 and was granted extensions to regain compliance. Luokung's ability to continue trading on Nasdaq now depends on demonstrating compliance with the price requirement within a specified time frame.
Luokung Technology Corp. (NASDAQ: LKCO) has partnered with the PingYuan county government in Guangdong to provide comprehensive carbon sink project development and data services. Their new service model is projected to facilitate the trading of over 10 million tons of carbon assets within five years, generating revenues exceeding US$70 million. Utilizing advanced algorithms and multi-source data processing, Luokung aims to support local governments in achieving carbon neutrality and enhancing natural resource management. The company sees significant market potential in China's nearly 3,000 counties.
Luokung Technology Corp. (LKCO) reported record revenue of approximately $62.8 million for the six months ended June 30, 2022, a 66.0% increase from $37.8 million in the prior year. Advertising services led this growth, generating $57.3 million, up 81.2%. Smart transportation revenue also saw a significant rise of 121.6% to $4.0 million. However, revenue from remote sensing and GIS data management services decreased to $1.5 million. Management remains optimistic about future growth driven by technology investments and expanding market opportunities in carbon neutrality.
Luokung Technology Corp. (NASDAQ: LKCO) announced that its affiliate, eMapgo Technologies, has been approved by China's Ministry of Transportation as the first service provider for intelligent transportation pilot projects. This recognition allows them to set technical guidelines for V2X autonomous trucking on open highways, with commercial implementation expected soon. Led by Shandong Hi-Speed Group, this initiative aims to enhance logistics efficiency and reduce costs through advanced autonomous driving technologies. Luokung's President regards this as a validation of their technological advancements.
Luokung Technology Corp. (NASDAQ: LKCO) announced that its digital twin visualized highway management platform has passed inspection for a pilot project on the Shanghai-Wuhan Expressway. The platform is recognized as internationally advanced, enhancing highway safety management and driving conditions. During the pilot, it achieved 100% accuracy in forecast and monitoring. Experts from the Chinese Academy of Engineering reviewed the platform, noting its innovative combination of meteorological and AI technologies to improve traffic safety during severe weather.
Luokung Technology Corp. (NASDAQ: LKCO) has closed a registered direct offering of 26,666,667 ordinary shares and warrants at a combined price of $0.30, raising approximately $8 million in gross proceeds. The exercise price for the warrants is $0.41 per share, expiring in five years. Funds will be utilized for working capital and general corporate purposes. The offering was registered under an effective shelf registration statement with the SEC.
Luokung Technology Corp. (NASDAQ: LKCO) announced a registered direct offering of $8 million of ordinary shares at $0.30 per share. A total of 26,666,666 shares will be issued, accompanied by warrants allowing the purchase of an equal number of shares at $0.41 each. The offering is expected to close by July 28, 2022. Proceeds will be utilized for working capital and general corporate purposes. FT Global Capital acted as the exclusive placement agent for this offering.
Luokung Technology Corp. (NASDAQ: LKCO) has signed an agreement with the Jiujiang District government in Anhui Province for an autonomous driving project involving vehicles and ships. This project marks Luokung's entry into the intelligent shipping and land transportation market. The initiative is backed by significant government funding and focuses on the development of autonomous driving and assistance systems. The company aims to create a Digital Twin model, leveraging the region's strategic transportation hub status. CEO Xuesong Song emphasizes the long-term cooperation with local authorities and the project's potential for national expansion.
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