BEIJING, February 5, 2021 / PRNewswire / – Luokung Technology Corp. (the “Company” or “Luokung”) (NASDAQ: LKCO), announced today that it has entered into a securities purchase agreement with certain institutional investors for a registered direct offering of $ 5.0 million ordinary shares at the price of $ 0.52 per share. The Company will issue a total of 9,615,387 common shares to institutional investors. As part of the transaction, the Company will also issue to investors warrants for the purchase of a maximum of 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 issue.
The net proceeds of this offering will be used for working capital and general corporate purposes. The offer should close on or around February 9, 2021, subject to the satisfaction of the usual closing conditions.
FT Global Capital, Inc. acted as the exclusive placement agent for the transaction.
These securities are offered by way of a prospectus supplement in accordance with the Company’s then current prior registration statement and the base prospectus contained therein. An in-store registration statement (SEC Filing No. 333-233108) relating to these securities was filed and declared effective by the Securities and Exchange Commission (the “SEC”) on August 16, 2019. A prospectus supplement relating to the Offer will be filed with the SEC. This press release does not constitute an offer to sell or the solicitation of an offer to buy, and such securities may not be sold in any state in which such offer, solicitation or sale would be illegal before registration or qualification in under the securities laws of such a state. Any offering will be made only by means of a prospectus, including a prospectus supplement, forming part of the actual registration statement.
For more details on this transaction, please see Form 6-K to be filed with the SEC.
About Luokung Technology Corp.
Luokung Technology Corp. is one of the world’s leading spatiotemporal big data processing technology companies and a leading interactive location services company in China. The main trademarks of the Company are “Luokuang” and “Superengine”. The Company mainly provides smart space-time big data PaaS, SaaS and DaaS services based on its self-developed patented technology which can be applied in mobile Internet LBS, Internet travel, smart transportation, automatic driving, smart city, smart IoT, natural resource exploration. and monitoring and so on. These services are integrated intelligent computing services and application services for spatiotemporal data that include, but are not limited to, satellite and UAV remote sensing image data, HD map, 2D internet map and 3D, the real-time trajectory, IoT industrial flow data. For more information, please visit http://www.luokung.com.
Safe Harbor Declaration
This press release contains certain statements which 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 involve assumptions, risks and uncertainties, and these expectations may prove to be inaccurate. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The actual results of the Company could differ materially from those anticipated in these forward-looking statements due to various factors, including the risk factors discussed in the Company’s periodic reports which are filed with the Securities and Exchange Commission and available at the SEC website. (http://www.sec.gov). All forward-looking statements attributable to the Company or to persons acting on its behalf are expressly qualified in their entirety by these risk factors. Except as required by applicable securities laws, the Company assumes no obligation to update these forward-looking statements.
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SOURCE Luokung Technology Corp.