BEIJING - Luokung Technology Corp. (NASDAQ: LKCO), a Chinese provider of spatial-temporal intelligent big data services and location-based services, has received a notice from NASDAQ regarding non-compliance with listing rules due to a delay in filing its annual report for 2023.
On May 2, 2024, the NASDAQ Stock Market notified Luokung that it had not met the filing deadline for its annual report on Form 20-F for the year ended December 31, 2023, as required by NASDAQ Listing Rule 5250(c)(1). The company now has until July 1, 2024, to submit a plan to regain compliance. If NASDAQ accepts this plan, an extension until October 28, 2024, may be granted for Luokung to comply.
Luokung has stated its intention to either file the overdue 2023 Annual Report or to present a compliance plan within the 60-day period provided by NASDAQ. At present, the NASDAQ notice does not affect the listing of the company's ordinary shares on the Nasdaq Capital Market.
The company specializes in high-definition maps and location-based services, catering to industries such as smart transportation, natural resource management, and various smart industry applications. It has developed holographic spatial-temporal digital twin systems at both city and industry levels, supporting autonomous driving, smart highways, and environmental protection services, among others.
This announcement is based on a press release statement and is provided for informational purposes. Luokung Technology Corp. has not made any further comments on the matter.
InvestingPro Insights
Luokung Technology Corp. (NASDAQ: LKCO) is navigating through a challenging period marked by compliance issues and market volatility. According to InvestingPro data, the company's market capitalization stands at a modest $10.44 million.
Notably, the firm has been trading at a low Price / Book multiple of 0.11, which might attract investors looking for undervalued stocks. Despite a significant return over the last week, with a 12.45% price total return, the company's stock has experienced a considerable decline of 58.32% over the past year, indicating a period of bearish sentiment among investors.
InvestingPro Tips suggest that analysts are expecting Luokung to witness sales growth in the current year, which could signal a potential turnaround for the company. Moreover, there is a prediction of profitability for the current year, which might instill confidence in investors considering the company's future prospects. Still, it is important to note that Luokung has not been profitable over the last twelve months and is operating with a moderate level of debt, which could be areas of concern for potential investors.
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