BEIJING, Feb. 22, 2021 /PRNewswire/ -- Luokung
Technology Corp. (the "Company" or "Luokung") (NASDAQ: LKCO), today
announced that on February 19, 2021,
it closed its previously announced registered direct offering of
(i) 48,076,923 ordinary shares and (ii) warrants to purchase
19,230,768 ordinary shares at a combined purchase price of
$2.08. The gross proceeds to Luokung
from this offering are approximately $100,000,000, before deducting placement agent
fees and other estimated offering expenses. The warrants have an
exercise price of $2.38 per share and
expire three years from the date of issuance. The offering was
priced at-the-market under Nasdaq rules.
FT Global Capital, Inc. acted as the exclusive placement agent
for the transaction.
Pryor Cashman LLP acted as counsel to the Company and Sheppard,
Mullin, Richter & Hampton 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").
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 at www.sec.gov.
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 one of the global leading
spatial-temporal big-data processing technology companies and a
leading interactive location-based services company in China. The core business brands of the Company
are "Luokuang" and "Superengine". The Company mainly provides
spatial temporal big data PaaS, SaaS and DaaS intelligent services
based on its self-developed patented technology which can be
applied in Mobile Internet LBS, Internet Travelling, Intelligent
Transportation, Automatic Drive, Smart City, Intelligent IoT,
Natural Resources Exploration and Monitoring and so on. These
services are integrated intelligent computing and application
services for spatial temporal data which including but not limited
to Satellite and UAV Remote Sensing Image Data, HD Map, 2D and 3D
Internet Map, Real-time Trajectory, IoT Industrial Stream Data. For
more information please go to http://www.luokung.com.
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.
CONTACT:
The Company:
Mr. Jay Yu
Chief Financial Officer
Tel: +86-10-5327-4727
Email: ir@luokung.com
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SOURCE Luokung Technology Corp.