Luokung Technology Announces $5M Registered Direct Placement

Aitechpark09 Feb, 2021Technology

Luokung Technology Corp. (the ?Company? or ?Luokung?) (NASDAQ: LKCO), today announced that it has entered into a securities purchase agreement with certain institutional investors for a registered direct offering of $5.0 million of ordinary shares at a price of $0.52 per share. The Company will issue a total of 9,615,387 ordinary shares to the institutional investors. As part of the transaction, the Company will also issue to the investors warrants (?Warrants?) for the purchase of up to 4,807,694 ordinary shares at an exercise price of $0.68 per share, which Warrants will have a term of three years from the date of issuance.