U.S. itemizing ban on Luokung lifted after choose’s choice By Reuters

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© Reuters. FILE PHOTO: The Nasdaq brand is displayed on the Nasdaq Market website in New York September 2, 2015. REUTERS/Brendan McDermid

By Karen Freifeld

WASHINGTON (Reuters) – Nasdaq Inc has withdrawn a choice to delist the shares of Luokung Expertise Corp, the Chinese language mapping know-how firm stated on Thursday, after a U.S. choose suspended an imminent funding ban imposed beneath the Trump administration.

The ruling and itemizing information despatched shares of the corporate practically 20% increased. Luokung issued a information launch on Thursday saying Nasdaq notified the corporate it has withdrawn its delisting letter and shares would proceed to commerce available on the market, not be suspended on Could 7. A Nasdaq spokesman declined to remark.

A spokesman for the U.S. Division of Justice didn’t instantly reply to a request for remark.

Luokung is the second firm on a U.S. record of alleged Communist Chinese language navy corporations topic to an funding ban to win a preliminary injunction halting the designation. 

U.S. District Court docket Choose Rudolph Contreras in Washington issued an analogous order in March in favor of Beijing-based smartphone maker Xiaomi (OTC:) Corp.

In granting an injunction within the case introduced by Luokung difficult the ban, Contreras stated the U.S. Division of Protection’s designation course of was flawed.

“Most of the associations the Division of Protection appeared most troubled by – comparable to Luokung’s purported forays into area techniques or its potential future contracts with the Chinese language Nationwide Geospatial Info Middle … don’t seem to have materialized, nor are they prone to bear fruit earlier than this case will be selected the deserves,” the choose wrote in his choice.

He added the federal government has not recognized a single know-how switch from Luokung to the Individuals’s Republic of China.

Greater than 40 corporations had been added to an inventory of U.S. corporations topic to the funding ban within the waning days of the Trump administration.

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