Luokung Technology Corp. Announces the Closing of a $5.0 Million Registered Direct Offering
Rhea-AI Summary
Luokung Technology Corp. (NASDAQ: LKCO) has completed a registered direct offering raising $5.0 million by issuing 9,615,387 ordinary shares at $0.52 per share. Investors also received warrants for 4,807,694 shares at an exercise price of $0.68, valid for three years. FT Global Capital, Inc. served as the exclusive placement agent for this transaction. The funding aims to support the company's growth in spatial-temporal big data processing and interactive location-based services.
Positive
- Raised $5.0 million to support business operations.
- Warrants issued could enhance future capital influx.
Negative
- Issuance of shares may lead to potential shareholder dilution.
News Market Reaction
On the day this news was published, LKCO gained 15.62%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
BEIJING, Feb. 10, 2021 /PRNewswire/ -- Luokung Technology Corp. (the "Company" or "Luokung") (NASDAQ: LKCO), today announced that it has closed a registred direct offering with certain institutional investors for
FT Global Capital, Inc. acted as the exclusive placement agent for the transaction.
Pryor Cashman LLP acted as counsel to the Company and Sheppard, Mullin, Richter & Hampton LLP acted as counsel to the placement agent in connection with the placement.
This press release does not constitute an offer to sell or the solicitation of an offer to buy, and these securities cannot be sold in any state in which this offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state. Any offer will be made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement.
About Luokung Technology Corp.
Luokung Technology Corp. is one of the global leading spatial-temporal big-data processing technology companies and a leading interactive location-based services company in China. The core business brands of the Company are "Luokuang" and "Superengine". The Company mainly provides spatial temporal big data PaaS, SaaS and DaaS intelligent services based on its self-developed patented technology which can be applied in Mobile Internet LBS, Internet Travelling, Intelligent Transportation, Automatic Drive, Smart City, Intelligent IoT, Natural Resources Exploration and Monitoring and so on. These services are integrated intelligent computing and application services for spatial temporal data which including but not limited to Satellite and UAV Remote Sensing Image Data, HD Map, 2D and 3D Internet Map, Real-time Trajectory, IoT Industrial Stream Data. For more information, please go to http://www.luokung.com.
Safe Harbor Statement
This press release contains certain statements that may include "forward-looking statements." All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involving known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the risk factors discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on the SEC's website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the applicable securities laws, the Company does not assume a duty to update these forward-looking statements.
CONTACT:
The Company:
Mr. Jay Yu
Chief Financial Officer
Tel: +86-10-5327-4727
Email: ir@luokung.com
INVESTOR RELATIONS
PureRock Communications Limited
Email: luokung@pure-rock.com
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SOURCE Luokung Technology Corp.
FAQ
What did Luokung Technology Corp. announce on February 10, 2021?
How many shares did Luokung Technology Corp. issue in the offering?
What is the exercise price of the warrants issued by Luokung?
Who acted as the placement agent for Luokung's offering?
What is the potential impact of the share offering on LKCO shareholders?
