- Luokung Technology Corp 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.
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