LKCO - Luokung Technology stock sinks on $8M registered direct offering
- Luokung Technology ( NASDAQ: LKCO ) stock sank 45% on Tuesday after the firm announced deals with institutional investors for an $8M registered direct offering at $0.30/share.
- LKCO will issue ~26.7M shares to the institutional investors.
- The firm will also issue warrants for the purchase of up to ~26.7M shares at an exercise price of $0.41/share. The warrants will have a term of 5 years from the date of issue.
- Net proceeds will be used for working capital and general corporate purposes.
- The offering is expected to close on or about Jul. 28.
- Earlier this month, LKCO received a 180-day extension to meet Nasdaq's minimum bid price requirement .
- LKCO shares have declined ~67% YTD.
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Luokung Technology stock sinks on $8M registered direct offering