- 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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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