Luokung Technology (LKCO) Announces 1:8 Reverse Share Split

Luokung Technology Corp. (NASDAQ: LKCO) reported that it expects to implement a 8-to-1 share combination on its ordinary shares effective Tuesday, September 17, 2024, with trading to begin on a split-adjusted basis at the market open on that day. Trading in the ordinary shares will continue on the Nasdaq Capital Market under the symbol “LKCO”. The new CUSIP number for the ordinary shares following the share combination is G56981 114.

Upon the effectiveness of the share combination, every 8 shares of the Company’s issued and outstanding ordinary shares will automatically be combined into one issued and outstanding ordinary share. No fractional shares will be issued as a result of the share combination. Instead, any fractional shares that would have resulted from the split will be rounded up to the next whole number. The share combination affects all shareholders uniformly and will not alter any shareholder’s percentage interest in the Company’s outstanding ordinary shares, except for adjustments that may result from the treatment of fractional shares. The par value per share after the share combination will be $0.0001 while the total authorized ordinary shares of the Company will remain at 1 billion shares, as per the separate resolutions approved by the Company’s board of directors at the same time.

The share combination at a ratio of 8-to-1 shares was approved by the Company’s board of directors. No approval from its members is required pursuant to the Company’s Amended and Restated Memorandum and Articles of Association (the “M&A”). The Company is to file a further restated and amended M&A with the British Virgin Islands Registry of Corporate Affairs to reflect the share combination.

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