Luokung Technology: Defense Department Removes Chinese Military Designation
By Chris Wack
Luokung Technology Corp. said the U.S. Department of Defense has
removed the company's designation as a Communist Chinese military
The China-based technology company said it is no longer subject
to restrictions on trading of its shares as a result of the move
and it is ending its lawsuit on the matter.
Luokung was one of several companies deemed by the Trump
administration to have ties to the Chinese military. Luokung filed
a lawsuit in March arguing that the designation was unlawful. The
company won a preliminary injunction by the U.S. District Court of
the District of Columbia in May that allowed its shares to continue
trading on the Nasdaq stock exchange.
Luokung said Tuesday that the Defense Department confirmed the
designation to the company and the district court. Luokung said it
has filed a joint stipulation to have its lawsuit challenging the
designation voluntarily dismissed, which will bring the lawsuit to
Luokung has regained eligibility for inclusion in the FTSE GEIS
(Micro Cap) index and expects to be re-included in the index when
the stock market opens June 21.
Write to Chris Wack at firstname.lastname@example.org
(END) Dow Jones Newswires
June 15, 2021 09:54 ET (13:54 GMT)
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