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.

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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.

To add Benzinga News as your preferred source on Google, click here.