Beijing, January 2, 2019 /PRNewswire/ -- Luokung Technology Corp. (“LK” or the “Company”), one of global leading graphics data processing technology company, a leading interactive location-based services company in China, today announced that, it will list its Ordinary Shares on NASDAQ, effective upon the opening of trading on January 3, 2019.
As previously announced in its press release dated on September 14, 2018, the Company voluntary delistd its ADRs from the NASDAQ, effective prior to the opening of trading on September 20, 2018, in expectation of the listing of the Ordinary Shares of the Company.
The Bank of New York Mellon, as depositary (the “Depositary”) for the Company’s ADR facility, notified the owners and holders of the Company’s ADRs that the ADR facility terminated on September 19, 2018. Under the terms of the Deposit Agreement among the Company, the Depositary and the owners and holders of ADRs of the Company (the “Deposit Agreement”), the owners and holders of the Company’s ADRs have until at least January 21, 2019 to surrender their ADRs to the Depositary for delivery of the underlying Ordinary Shares of the Company.
Subsequent to January 21, 2019, under the terms of the Deposit Agreement, the Depositary may attempt to sell any Ordinary Shares remaining on deposit with the Depositary.
The ratio between each ADR and its underlying Ordinary Share is 1:1, namely, one ADR represents one Ordinary Share. The final closing price for the ADRs of the Company on September 19, 2018 was $7.61. The owners and holders of the Company’s ADRs can contact their broker or the Company via email@example.com in order to convert their ADRs to Ordinary Shares
Luokung Technology Corp. is one of global leading graphics data processing technology company and a leading interactive location-based services company in China. The core brands of the Company are “Luokuang” and “SuperEngine”. “Luokuang” is a mobile application to provide B2C services and “SuperEngine” provides B2B and B2G services in connection with Spatial-Temporal big data. The Company’s mobile application LuoKuang, provides location- based interaction services for users based on the world’s first non-slicing, full-vector and full-function mobile internet map, it also provides SDK embedded services to third-party mobile application providers based on its full-vector and non-slicing mobile internet map. The Company provides SaaS services in relation to spatial-temporal big data internet and internet of things relying on its proprietary patented spatial-temporal cloud indexing technology, in fields including but not limited to HDMap, 3D Map, Satellite Remote Sensing Data andReal-time trajectory.
This news release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will”, “expects”, “anticipates”, “future”, “intends”, “plans”, “believes”, “estimates”, “target”, “going forward”, “outlook” and similar statements. Such statements are based upon management’s current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control, which may cause the Company’s actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.
For investor and media inquiries, please contact:
At the Company:
Mr. Jay Yu
Chief Financial Officer