Luokung Technology Corp (NASDAQ: LKCO) today announced that the Intelligent and Connected Vehicles standard, supported by eMapgo Technologies (Beijing) Co., Ltd, has qualified the project approval and appraisal procedure by the China Society of Automotive Engineering Standards (CSAE) and was accepted for the authorized issue.
First circulated industry standard for the Highly Automated Driving Map manufacturing business in China
It is the first circulated industry standard for the Highly Automated Driving Map manufacture business in China. It delivers a united set of values for the growth of the Highly Automated Driving Map and outlines and normalizes Highly Automated Driving Map attainment rudiments. It also sets the basis for upcoming bright and linked automobiles.
The standard, whose advance was led by EMG over 16 months, was mutually finished by more than 20 businesses. It included map creators, hardware and software creators in independent driving and auto companies.
Xuesong Song, Chairman, and CEO indicated, “We are excited to have played a part in founding the first set of industry standards for autonomous-driving map creation. It has been a long yet satisfying procedure to work with so many persons and sides in the industry who are devoted to refining the excellence of the industry’s products. We look onward to upholding our headship position within the business in the years to come.”
The company gets NASDAQ Notice
In other news, the company announced that it had received a notice from NASDAQ of being placed by the U.S. Department of Defense on a list of entities functioning in the United States. This list is considered “Communist Chinese military companies,” subject to certain constraints under Executive Order 13959. The notice stated that the dealing of the company’s ordinary shares would be adjourned at the opening of business on May 9, 2021. That will stop the interchange in the company’s securities at the end of the trading day on May 7, 2021.
On January 14, 2021, the DoD inserted the company into the Section 1237 List., though, because the DoD did not precisely spell the company’s name. On March 10, 2021, the U.S. Department of the Treasury Office of Foreign Assets Control notified the company that it had legally delisted the misspelled company and re-designated Luokung using the precise spelling. OFAC’s letter confirmed that restrictions on sales of the company’s securities or offshoots by U.S. individuals would take a consequence on May 8, 2021. Certain dealings exclusively for divestment intentions by U.S. persons will be allowed through March 9, 2022.