richrichrich
5 years ago
The Bank of New York Mellon has terminated the deposit agreement for the Luokung Technology Corp ADR's on 09/19/2018. As a result of the termination, you have until at least 01/21/2019 to decide if you would like to retain your interest in shares of the issuer. Each one (1) ADR is convertible into one (1) underlying ordinary share, ISIN VGG569811067. If you convert you will be required to pay a cancellation fee of $0.05 per ADR and a cable fee of $17.50 per transaction, and any taxes or governmental charges. Holders who do not convert will receive proceeds, if any, from the sale of the underlying shares. Information agent: BNY Mellon
I didnt like the last part, where they used the vague term "if any"......
Fidelity could only refer me to calling bny Mellon, for more info. I think mellon would have told me, that the terms are very vague....
So I chose to convert. Wish I could have sold my shares when they were coming down from 70 bucks.....
richrichrich
5 years ago
I went ahead with their offer, just to get my 100 shares out of "dead" status. Received them in my account, as of yesterday. Apparently, I only see a tiny nine dollars and change charge, for fidelity to process the action. I was expecting it to cost 23+, after reading about the offer.
Oh well. I placed a limit sell order for today at 8.05, but no takers so far...
LoL.
richrichrich
6 years ago
Btw, my original investment in kone was tiny. Only a hundred or two bucks. However, at the time it went belly up, it was worth about 750 bucks.
Sad, but even if it became some class action lawsuit, I'd only receive like $22.35, as a settlement.....
richrichrich
6 years ago
I'd rather not get involved. Tried a quick search on the sec website a few weeks ago, but nothing much was found about kone or luokung. My suggestion is to try contacting the sec, to find out why they were halted. My guess is that they weren't compliant, in one form or another. So, if the company remains unanswering, or silent, then nothing will ever happen. Sad but true. There is no form of international "policing", of such companies. Hence, "stinky"......
richrichrich
6 years ago
Yes, in a section of my fidelity account which I call the graveyard. This is a list of stocks that have gone chapter 11 or otherwise died. In rare cases, some of these dead stocks have either come back to life days/weeks later, and become tradeable, or pay out some tiny amount based on the finalization of the death. The listing shows as luokung, not kone, so this means the name change occurred, before it ceased. I'm still hoping it may spring back to life, if they take some sort of action up with the sec, towards restoration. Not likely though, since most of these stinky companies have their incorporation in the Cayman islands, or another anything-goes area of the world....
This one does make me wonder, exactly where does my held equity amount go? Into their pocket?
richrichrich
6 years ago
I think they were halted, right after the ticker change, by the sec for lacking some sort of information. Since then they filed what looks like a legitimate 8k, and more recently, news of an mou. Doesn't make sense why the sec is keeping them halted. I did read on yahoo msg board, that someone said they are a stinky company, and don't care about their shareholders.....