The New York Stock Exchange (“NYSE”) beginning the process to delist the American Depositary Shares of Link Motion Inc. — ticker symbol LKM. Trading in the Company’s ADSs on the NYSE was suspended on December 20, 2018 after an Autumn filed with disputes from shareholder factions.
LKMForward, a significant group of shareholders of Link Motion last October hired Seiden Group, a law firm headquartered in New York, as shareholder counsel in order to “communicate the group’s interests to the company and help the group effect necessary changes for the benefit of the Company and its shareholders. The Seiden Group has vast experience in shareholder rights matters and global asset recovery, particularly in China.”
Chinese-based Link Motion offerings includes enabling technology and secure connected carputers for car businesses, consumer ride sharing services, as well as legacy mobile security, productivity and other related applications.
Last September Co-Chairman of the Board Dr. investigation…”We recognize that the past four years have been marked by a series of unintended disappointments and both perceived and actual negative outcomes for our Company. This has been extremely disappointing, frustrating, and difficult for all of our shareholders, employees, and partners. We are pleased that the independent investigation has been concluded and that the Company is now in a position to build for the future.”
“We invite you to review the press release summarizing the background and findings of the report to the Board of Directors submitted by Loeb & Loeb LLC, counsel to the Special Committee, that has been furnished to the Securities and Exchange Commission on Form 6-K, they claimed. (This report is readily available on the SEC’s website at www.sec.gov and is also available on our investor relations website at the following URL: ir.lkmotion.com.)
Shareholders didn’t buy it. The NYSE now claims the Company is no longer suitable for listing based on “abnormally low” price levels. Link was trading for more than $4 a share about a year ago. It’s now at $0.15. The NYSE also notified the Company that the NYSE will apply to the SEC to delist the ADSs upon completion of all applicable procedures, including any appeal by the Company of the NYSE Regulation staff’s decision.
Link Motion said it is considering this and other alternatives open to the Company to act in the interests of the holders of ADSs and will announce promptly any measures that its board of directors determines are appropriate.