Luokung Technology Corp. Announces Voluntary Delisting of American Depositary Receipts (“ADRs”) from the NASDAQ Capital Market (“NASDAQ”) and Listing Its Ordinary Shares on NASDAQ
Sep 14, 2018 (China Money Network via COMTEX) —
BEIJING, Sept. 14, 2018 /PRNewswire/ — Luokung Technology Corp. (Nasdaq: LKCO) (“LK” or the “Company”), a global leading graphics data processing technology company, a leading interactive location-based services in China, and a pioneer and leader of the railway Wi-Fi market in China, today announced it will voluntary delist its ADRs from the NASDAQ, effective prior to the opening of trading on September 20, 2018. The Company will list its ordinary shares on NASDAQ, effective upon the opening of trading on September 20, 2018.
The Bank of New York Mellon, as depositary (the “Depositary”) for the Company’s ADR facility, notified the owners and holders of the Company’s ADRs that the ADR facility will terminate effective at 5:00 p.m. (Eastern Time) on September 19, 2018. Under the terms of the Deposit Agreement among the Company, the Depositary and the owners and holders of ADRs of the Company (the “Deposit Agreement”), owners and holders of the Company’s ADRs have until at least January 21, 2019 to surrender their ADRs to the Depositary for delivery of the underlying ordinary shares of the Company. Subsequent to January 21, 2019, under the terms of the Deposit Agreement, the Depositary may attempt to sell any ordinary shares remaining on deposit with the Depositary. If the Depositary sells such underlying ordinary shares or receives value for such shares, holders must surrender their ADRs to obtain payment of the sale proceeds, net of expenses and applicable tax and charges. For further information about the surrender and cancellation of ADRs, please refer to the notice(s) provided by the Depositary to the owners and holders of