BEIJING, Feb. 5, 2021 /PRNewswire/ -- 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.
The net proceeds from this offering will be used for working
capital and general corporate purposes. The offering is expected to
close on or about February 9, 2021,
subject to the satisfaction of customary closing conditions.
FT Global Capital, Inc. acted as the exclusive placement agent
for the transaction.
These securities are being offered through a prospectus
supplement pursuant to the Company's effective shelf registration
statement and base prospectus contained therein. A shelf
registration statement (SEC Filing No. 333-233108) relating to
these securities has been filed with and declared effective by the
Securities and Exchange Commission (the "SEC") on August 16, 2019. A prospectus supplement related
to the offering 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 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.
For further details of this transaction, please see the Form 6-K
to be filed with the SEC.
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.