BEIJING, May 14, 2024 (GLOBE NEWSWIRE) -- Luokung Technology Corp. (NASDAQ:LKCO) ("Luokung" or the "Company"), a leading spatial-temporal intelligent big data services company and provider of interactive location-based services ("LBS") and high-definition maps ("HD Maps") in China, today announced that on May 2, 2024, the Company received a notice from the NASDAQ Stock Market (the "Nasdaq Notice"), notifying the Company that it is not in compliance with the requirements for continued listing set forth in NASDAQ Listing Rule 5250(c)(1) because it did not timely file its annual report on Form 20-F for the year ended December 31, 2023 (the "2023 Annual Report").

In accordance with NASDAQ Listing Rules, the Company has 60 calendar days from the date of the Nasdaq Notice, or until July 1, 2024, to submit a plan to regain compliance with NASDAQ Listing Rules (the "Compliance Plan"). If NASDAQ accepts the Compliance Plan, NASDAQ may grant the Company an extension until October 28, 2024 to regain compliance.

The Company intends either to file its 2023 Annual Report or submit the Compliance Plan within the prescribed 60-day period. The Nasdaq Notice has no immediate impact on the listing of the Company's ordinary shares on the Nasdaq Capital Market.

ABOUT LUOKUNG TECHNOLOGY CORP.

Luokung Technology Corp. is a leading spatial-temporal intelligent big data services company, as well as a leading provider of LBS and HD Maps for various industries in China. Backed by its proprietary technologies and expertise in HD Maps and multi-sourced intelligent spatial-temporal big data, Luokung has established city-level and industry-level holographic spatial-temporal digital twin systems and actively serves industries including smart transportation (autonomous driving, smart highway and vehicle-road collaboration), natural resource asset management (carbon neutral and environmental protection remote sensing data service), and LBS smart industry applications (mobile Internet LBS, smart travel, smart logistics, new infrastructure, smart cities, emergency rescue, among others). The Company routinely provides important updates on its website: https://www.luokung.com.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This press release contains certain forward-looking statements. Forward-looking statements include, but are not limited to, statements regarding our or our management's expectations, hopes, beliefs, intentions or strategies regarding the future and other statements that are other than statements of historical fact. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipate", "believe", "continue", "could", "estimate", "expect", "intend", "may", "might", "plan", "probable", "potential", "should", "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination and analysis of the existing law, rules and regulations and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you the statement herein will be accurate. As a result, you are cautioned not to rely on any forward-looking statements.

CONTACT:

The Company:

Mr. Jian Zhang

Chief Financial Officer

Tel: +86-10-6506-5217

Email: ir@luokung.com

Luokung Receives NASDAQ Notice Related to Filing of Form 20-F