BEIJING, Sept. 22, 2021 /PRNewswire/ – Luokung Technology
Corp. (the "Company" or "Luokung") (NASDAQ: LKCO), today announced
that on September 22, 2021, it closed
its previously announced registered direct offering of (i)
27,333,300 ordinary shares and (ii) warrants to purchase 13,666,650
ordinary shares at a combined purchase price of $1.20. The gross proceeds to Luokung from this
offering are approximately $32.8
million, before deducting placement agent fees and other
estimated offering expenses. The warrants have an exercise price of
$1.60 per share and expire three
years from the date of issuance.
FT Global Capital, Inc. acted as the exclusive placement agent
for the transaction. Spartan Capital Securities, LLC acted as
advisor to the transaction.
Pryor Cashman LLP acted as counsel to the Company and Morgan,
Lewis & Bockius LLP acted as counsel to the placement agent in
connection with the offering.
The Company intends to use the net proceeds from this offering
for working capital and general corporate purposes.
The securities were offered pursuant to an effective shelf
registration statement on Form F-3 (File No. 333-233108) previously
filed with the U.S. Securities and Exchange Commission (the "SEC")
and declared effective by the SEC on August
16, 2019. A prospectus supplement and accompanying
prospectus relating to the offering have been filed with the SEC
and are available for free on the SEC's website
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.
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:
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.
Mr. Jay Yu
Chief Financial Officer
SOURCE Luokung Technology Corp.