BEIJING, July 1, 2020 /PRNewswire/ -- Luokung Technology
Corp. (NASDAQ: LKCO) ("Luokung" or the "Company"), one of the
global leading spatial-temporal big-data processing technology
companies, a leading interactive location-based services company in
China, today announced it has
entered into a preferred share subscription agreement with Daci
Haojin Foundation Limited ("Daci Haojin"), the Company will issue
15 million preferred shares to Daci Haojin at USD $3.00 per share resulting in an aggregate
financing of USD $45 million of gross
proceed to the Company. The first installment for an aggregate
amount of $13,500,000 is expected to
occur on July 31, 2020, and two
subsequent installments of $13,500,000 and $18,000,000 each are expected to occur on
August 31, 2020 and September 30, 2020, respectively. Twelve (12)
months after Daci Haojin completes the payment of the consideration
of the subscription, Daci Haojin's preferred shares will
automatically converts into the Company's ordinary shares at a 1:1
ratio. Prior to the conversion of ordinary shares, Daci Haojin
entitles the right of a fixed dividend of 8% per year (a total of
one year).
About Daci Haojin Foundation Limited
Daci Haojin is dedicated to investing in companies with merger
and acquisition demand for the purpose of rapid growth, business
improvement and maintaining competitive advantage. Also, it
provides continued investment to its clients for future business
expansion. Daci Hanjin prefers long term investment and helps its
clients to achieve financial goals. It focuses on the strategic
investment of high-speed growth companies in the fields of
electronic information technology such as the Internet of Things,
industrial Internet, intelligent big data, cloud services, machine
learning and artificial intelligence.
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. It provides integrated DaaS, SaaS, and
PaaS services for Internet and Internet of Things of
Spatial-Temporal big data based on its patented technology. Based
on geographic information systems and intelligent Spatial-Temporal
big data, it establishes city-level and industry-level digital twin
holographic data models to actively serve smart cities, intelligent
transportation, smart industry, LBS.
Business Risks and Forward-Looking Statements
This news release contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, and as defined in the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements can be
identified by terminology such as "will", "expects", "anticipates",
"future", "intends", "plans", "believes", "estimates", "target",
"going forward", "outlook" and similar statements. Such statements
are based upon management's current expectations and current market
and operating conditions and relate to events that involve known or
unknown risks, uncertainties and other factors, all of which are
difficult to predict and many of which are beyond the Company's
control, which may cause the Company's actual results, performance
or achievements to differ materially from those in the
forward-looking statements. Further information regarding these and
other risks, uncertainties or factors is included in the Company's
filings with the U.S. Securities and Exchange Commission. The
Company does not undertake any obligation to update any
forward-looking statement as a result of new information, future
events or otherwise, except as required under law.
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.