BEIJING, Sept. 20, 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 $32.8 million of
ordinary shares at a price of $1.20
per share. The Company will issue a total of 27,333,300 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 13,666,650
ordinary shares at an exercise price of $1.60 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 September 22, 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 and the
accompanying prospectus relating to and describing the terms of the
registered direct 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 a leading spatial-temporal
intelligent big data services company, as well as a leading
provider of LBS and HD Maps for various industries in China. Backed by its proprietary technologies
and expertise in HD Maps and related intelligent spatial-temporal
big data, Luokung established city-level and industry-level
holographic spatial-temporal digital twin systems and actively
serves industries including autonomous driving, vehicle-road
collaboration (V2X), smart transportation, smart travel, local
business LBS, new infrastructure, smart cities, and smart
industries (emergency, natural resources, environmental protection,
water conservancy, energy, smart training, among others). The
Company routinely provides important updates on its website:
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
This press release contains certain forward-looking statements.
Forward-looking statements include, but are not limited to,
statements regarding our or our management's expectations, hopes,
beliefs, intentions or strategies regarding the future and other
statements that are other than statements of historical fact. In
addition, any statements that refer to projections, forecasts or
other characterizations of future events or circumstances,
including any underlying assumptions, are forward-looking
statements. The words "anticipate", "believe", "continue", "could",
"estimate", "expect", "intend", "may", "might", "plan", "probable",
"potential", "should", "would" and similar expressions may identify
forward-looking statements, but the absence of these words does not
mean that a statement is not forward-looking.
The forward-looking statements in this press release are based
upon various assumptions, many of which are based, in turn, upon
further assumptions, including without limitation, management's
examination and analysis of the existing law, rules and regulations
and other data available from third parties. Although we believe
that these assumptions were reasonable when made, because these
assumptions are inherently subject to significant uncertainties and
contingencies which are difficult or impossible to predict and are
beyond our control, we cannot assure you the statement herein will
be accurate. As a result, you are cautioned not to rely on any
Mr. Jay Yu
Chief Financial Officer
SOURCE Luokung Technology Corp.