Benzinga | Feb 17, 2021 11:37AM EST

Luokung Technology Raises $100M Via Equity Sale To Institutional Investors

* China's Luokung Technology Corp. (NASDAQ: LKCO) priced 48 million shares at $2.08 per share to raise $100 million in a direct offering to institutional investors.

* The offering proceeds will be utilized for working capital and general corporate purposes, and it is estimated to close by February 19, 2021.

* Last week, Luokung raised $15 million, and last month it raised $5 million. Its stock has increased 599% in the last quarter.

* FT Global Capital is the placement agent for the transaction.

* Price action: LKCO shares have dropped 31% at $2.07 on the last check Wednesday.