Luokung Technology Corp. (NASDAQ: LKCO) announced today that it has received warning from Nasdaq for not meeting the minimum closing bid price of at least $1 for 30 consecutive business days.
According to the announcement, the company now has 180 calendar days to boost its stock price above $1 for a minimum of 10 consecutive business days. In the event the company fails to regain compliance before October 12, the company might be eligible to request for additional time.
Last month, the company announced it has entered a strategic partnership with Jiangsu Dianyu Information Technology Co. Ltd. to expand commercial 5G mobile big data services.
Earlier this year, Luokung closed its 100% acquisition of eMapgo Technologies (Beijing) Co. Ltd. The partnership aims to help leverage each companies' respective advantages, promote in-depth cooperation in the areas of China's smart city, smart mobility, and connected vehicle services.
Luokung said it expects to generate around $10 million in revenues related to its PaaS, SaaS, and DaaS services from Dianyu and its customers in 2020.
Despite a series of partnership announcements, shares of Luokung dropped more than 65% over the past three month to close at $0.52 per American depositary share on Friday.
Based in Beijing, Luokung provides location services in China through its spatial-temporal big data PaaS, SaaS and DaaS intelligent services, which can be used for Mobile Internet LBS, Internet Travelling, Intelligent Transportation, Automatic Drive, Smart City, Intelligent IoT, Natural Resources Exploration and Monitoring.