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Tag: Luokung

  • Luokung Technology Corp. (LKCO) Stock Skyrockets Following eMapgo Acquisition and Chiangjiu Contract

    Luokung Technology Corp. (LKCO) Stock Skyrockets Following eMapgo Acquisition and Chiangjiu Contract

    Luokung Technology Corp. (LKCO) stock prices were up by a massive 22.16% as of the market closing on June 18th, 2021, bringing the price per share up to USD$2.37 at the end of the trading day. Subsequent pre-market fluctuations have seen the stock surge by another 16.03%, bringing it up to USD$2.75.

    CCMC Designation Removed

    After a long and drawn-out battle, the company announced on June 15th, 2021 that the U.S. Department of Defense (DoD) had removed LKCO’s designation as a Communist Chinese Military Company (CCMC). Furthermore, stemming from the company’s omission from Executive Order 14032, LKCO and its shareholders no longer find themselves at the mercy of restrictions pursuant to Executive Order 13959. Executive Order 13959 is amended and superseded by Executive Order 14032.

    Settling of Lawsuit

    With this development, LKCO and the government Defendants have filed a joint stipulation that will see their lawsuit voluntarily dismissed, bringing it to a close. The ongoing lawsuit is in regard to the challenging of the CCMC designation. In light of the foregoing by the DoD, the company has regained eligibility for inclusion in the FTSE GEIS (Micro Cap) index. Re-inclusion into the index is expected upon the opening of markets on June 21st, 2021.

    Expanded Scope of LKCO

    The favorable outcome will be welcomed by both the company and its investors, with an additional update on continuing operations expected in the upcoming few weeks. The company is confident that the market potential for its spatial-temporal technology will only continue to grow, due to the explosive expansion of the scope of autonomous applications.

    Acquisition of eMapgo

    The company also recently announced the closing of its acquisition of eMapgo Technologies, the industry leader with its position in the Advanced Driving Assistance System. LKCO is hopeful that the combination of their core technology in conjunction with eMapgo’s ADAS and autonomous driving industry experience will translate into unprecedented growth.

    Chiangjiu Expressway Contract

    LKCO is a leading spatial-temporal intelligent big data services company, having established itself as a leading provider of LBS and HD maps for a myriad of industries in China. June 18th, 2021 saw the company announce the entering into a contract that will see LKCO deliver a new generation traffic control network for the Changjiu Expressway. As per the contract, the newly acquired EMG will be responsible for the development and implementation of a 3D real-life highway digital management system.

    Future Outlook for LKCO

    Rejuvenated by the removal of its looming CCMC designation, LKCO is poised to continue its previous trajectory of success. In light of its recent acquisition and expansion of it market footprint, the company is keen to usher in unprecedented growth. Current and potential investors are hopeful that management will continue to leverage the resources at their disposal to facilitate significant and sustained increases in shareholder value.

  • Luokung Technology Corp. (LKCO) Stock Newest Target of Meme Stock Phenomenon Amid CCMC Legal Dispute

    Luokung Technology Corp. (LKCO) Stock Newest Target of Meme Stock Phenomenon Amid CCMC Legal Dispute

    Luokung Technology Corp. (LKCO) stock prices stayed stable over the course of June 11th, 2021, with no change in the opening and closing price. Pre-market fluctuations, however, saw the stock skyrocket by 17.51%, bringing it up to USD$2.08.

    Meme Stocks on the Rise

    The meme stock phenomenon continues to dominate the stock exchange, with a slew of stocks being targeted for a coordinated pump by the Reddit-driven retail investors. Underdogs with a high short interests find themselves fortuitously bolstered as the community of investors continues to target companies without a logical basis for their support. In the absence of recent news or any fundamental developments, companies sometimes on the brisk of collapse find themselves renewed by the sweeping meme stock craze.

    CCMC Designation

    LKCO’s recent skyrocketing of equity value comes after turbulent several weeks, following the company’s announcement of the halting of the trading of its common shares on stock exchanges. This restriction was imposed on the company after it had been given a Communist Chinese Military Company (CCMC) designation. Because of this designation, LKCO finds itself at the mercy of Executive Order 13959.

    Resisting CCMC Designation

    A joint complaint was filed by LKCO and two U.S. shareholders with the United States District Court for the District of Columbia, who are seeking to reverse this designation. As per the complaint, the U.S. DoD’s designation of LKCO as a CCMC and the resulting restrictions authorized by Executive Order 13959 by former President Trump are both in violation of the law.

    Request for Preliminary Injunction

    Because of the resolution of the lawsuit being too far in the future, LKCO has filed a motion for a preliminary injunction that will defer the CCMC designation and associated trading restrictions until the case has been settled. While the company is confident of an outcome in their favor, they argue that the failure to issue an injunction could end up having unmerited and disastrous effects on the company’s balance of equities, as well as their public interests.

    Preliminary Injunction Granted

    May 6th, 2021 saw the company announce that their previously announced motion for a preliminary injunction was granted. Following the ruling, the Department of Defense and other government defendants are prohibited from implementing or enforcing the designation of LKCO as a CCMC, or any consequential restrictions pursuant to Executive Order 13959.

    Future Outlook for LKCO

    Armed with the fortuitous surge in the value of their equity, LKCO is poised to capitalize on the opportunities presented to it. The company is keen to continue its trajectory of success and usher in more organic growth over the long term. Current and potential investors are hopeful that the management will leverage the resources at their disposal to facilitate significant and sustained increases in shareholder value.