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.
About Ken Zino
Ken Zino, editor and publisher of AutoInformed, is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn.
He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe.
Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped during a downshift and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap.
AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks.
Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.
NYSE Suspends Trading in Link Motion. Delisting Next Step
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.”
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.
About Ken Zino
Ken Zino, editor and publisher of AutoInformed, is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn. He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe. Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped during a downshift and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap. AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks. Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.