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) announced a registered direct offering of $32.8 million for 27,333,300 ordinary shares priced at $1.20 each. The company will also issue 13,666,650 warrants at an exercise price of $1.60 per share, expiring in three years. Proceeds are earmarked for working capital and general corporate purposes. The offering is expected to close on September 22, 2021. FT Global Capital acted as the exclusive placement agent. A prospectus supplement will be filed with the SEC.
Luokung Technology Corp. (NASDAQ: LKCO) announced that its affiliate eMapgo Technology has signed a cooperation agreement with Microsoft to launch autonomous driving services in China. Under this agreement, eMapgo will provide data services to automakers, aiding their implementation of autonomous technologies. The company has already secured contracts with a European and a U.S. car manufacturer. Chairman and CEO Xuesong Song emphasized the growth potential in China's autonomous driving market, aligning eMapgo's expertise in location-based services with Microsoft's technological strengths.
Luokung Technology Corp. (NASDAQ: LKCO) announced that its affiliate eMapGo has signed an agreement with Heilongjiang Mobile to provide technical data services for market and service information management. This represents Luokung's first client win in the telecommunications sector since launching its Internet LBS B2B business. The agreement is effective until December 31, 2022, and showcases Luokung's capabilities in big data services, combining its Super Engine technology with eMapGo's precision maps. The CEO expressed optimism about expanding its business within China's telecommunications industry.
Luokung Technology Corp. (NASDAQ: LKCO) announced that its affiliate eMapGo Technology (EMG) will provide autonomous driving data services for Zenseact, a subsidiary of Volvo Cars. EMG, a leader in China's HD Maps and navigation services, aims to establish safety benchmarks for autonomous driving technology. This partnership presents significant business expansion opportunities for EMG, which has set industry standards for high-precision maps and serves major automotive clients like Bosch and Ford. The collaboration is positioned to enhance autonomous driving reliability.
Luokung Technology Corp. (NASDAQ: LKCO) announced that the Technical Requirements of Automated Valet Parking Map and Localization (AVP Requirements), led by its affiliate eMapgo Technology, has passed review by the China Society of Automotive Engineers and entered development. This standard aims to establish safety and technical requirements for Automated Valet Parking, enhancing the autonomous driving industry in China. Nearly 60 industry representatives will collaborate on this project, further solidifying Luokung's leadership in the field, according to CEO Xuesong Song.
Luokung Technology Corp. (NASDAQ: LKCO) released a shareholder letter detailing its 2021 business strategy and achievements. The company highlights its acquisition of eMapgo Technologies and its focus on three pillars: smart transportation, carbon neutrality data services, and Internet LBS applications. In the first half of 2021, Luokung reported a record revenue of approximately $37.8 million, a 417.8% increase year-over-year. The Department of Defense removed Luokung's designation as a Communist Chinese Military Company, alleviating restrictions on U.S. shareholders. Looking ahead, the company aims to enhance R&D and expand its market share.
Luokung Technology Corp. (NASDAQ: LKCO) reported record revenues of approximately $37.8 million for the six months ended June 30, 2021, indicating a significant increase from $7.3 million in the same period last year. The rise in revenue was primarily driven by the LBS business, which generated $31.6 million, a 345.1% increase compared to the prior year. Additionally, revenue from remote sensing and GIS data management services rose to $4.4 million. The company expects to report further financial updates and is positively positioned for continued growth in smart transportation and data services.
Luokung Technology Corp. (NASDAQ: LKCO) announced that its VIE, eMapGo Technology, has been recognized as the third largest player in China's HD Maps market, according to IDC Consulting's 2020 Market Share Report. eMapGo increased its market share to 16.15% from 14.7% in 2019, with the overall HD Maps market growing by 70% in 2020. The market is led by Baidu, NavInfo, and eMapGo, with shares of 28.07%, 21.61%, and 16.15%, respectively. CEO Xuesong Song expressed optimism about continued growth and partnerships following this recognition.
Luokung Technology Corp. (NASDAQ: LKCO) announced that its subsidiary, eMapGo Technology, signed an agreement with Geely Automobile Research Institute to provide autonomous driving simulation testing services. The contract, valued at approximately $2.5 million, aims to enhance the safety of Geely's driving assistance system and expedite the production of its autonomous vehicles. This service's initial phase is expected to conclude in Q3 2021. Geely, China's largest automobile manufacturer, sold over 1.32 million vehicles in 2020, underlining the significance of this collaboration.
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