Benzinga | Feb 17, 2021 09:22AM EST

Luokung Technology Corp. Announces 48,076,923 Share Common Stock Offering Priced At $2.08/Share

BEIJING, Feb. 17, 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 $100 million of ordinary shares at a price of $2.08 per share. The price was set at market price in accordance with the rules of Nasdaq. The Company will issue a total of 48,076,923 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 19,230,768 ordinary shares at an exercise price of $2.38 per share, which Warrants will have a term of three years from the date of issuance.