Benzinga | Sep 20, 2021 10:58AM EDT

Luokung Technology Raises $32.8M Via Institutional Equity Offering At 24.5% Discount

* Luokung Technology Corp (NASDAQ:LKCO) agreed to sell 27.33 million shares at $1.20 per share to raise $32.8 million in a secondary institutional placement.

* The offer price implies a 24.5% discount to Luokung's September 17 closing price of $1.59.

* Luokung would also issue three-year warrants to purchase up to 13.67 million shares at an exercise price of $1.60 per share.

* The offering proceeds will serve working capital and general corporate purposes.

* Price Action: LKCO shares traded lower by 25.8% at $1.18 on the last check Monday.