Luokung Technology announced that on January 4 the Company received notice from the Listing Qualifications Department of The Nasdaq Stock Market indicating that, based upon the Company’s non-compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5550 as of January 3 the Company’s securities would be delisted from Nasdaq unless the Company timely requests a hearing before the Nasdaq Hearings Panel. The Company plans to timely request a hearing before the Panel, which request will stay any further delisting action by Nasdaq at least pending the hearing and the expiration of any extension that may be granted by the Panel following the hearing. There can be no assurance however that the Panel will grant the Company’s request for continued listing or that the Company will be able to evidence compliance with the Rule and all other applicable criteria for continued listing on Nasdaq within the period of time that may be granted by the Panel.
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