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 Executive Order 13959 is amended and superseded by Executive Order 14032.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.