Chinese company Luokong Technology Corp (NASDAQ:LKCO) has come into considerable focus among investors this week and on Thursday the rally continued in the stock. Yesterday, the Luokong stock went up by 12% to takes its gains for the week to 38%.
Earlier this month, the company announced that after the United States District Court for the District of Columbia granted it with a preliminary injunction, the Department of Defense will not be able to designate Luokong as a Communist Chinese military company.
It came as a major break for the company since right after the injunction was granted; Luokong contacted NASDAQ and asked the exchange to reconsider its decision to delist the company’s stock from the exchange. However, the exchange had already notified the company that the delisting letter had been withdrawn and the Luokong stock was going to continue to trade on NASDAQ as of now. Investors could consider keeping an eye on the developments over the coming days.
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Anthony Gonzales brings 3 years of experience in helping grassroots, mid-sized organizations and large institutions strengthen their management and resource generating capacities and effectively plan for the future. He is also a mentor and professional advisor to artists working in all disciplines. He is the gold medalist from St. Marco University of Science and Technology in the Bachelors of Financial Management as well.