LKCO - Luokung Technology to issue 5.5M shares to raise $220M in strategic invetsment
2023-03-27 09:24:11 ET
- Luokung Technology ( NASDAQ: LKCO ) signed a shares subscription agreement with a strategic investor China Orient Smart Ecotech Investment (COIG) wherein the former agreed to issue 5.47M restricted ordinary shares for $220M of strategic investment.
- Investment closure will be in two tranches; first tranche of $22M is expected be within 30 working days from the Share Subscription Agreement date, and the remaining $198M is expected to be within 60 days thereafter.
- COIG is to receive ordinary shares with a 6-month sales restriction, and unregistered shares come with the right to be exchanged for equity of independent operating subsidiaries of the company within 24 months from the closing.
- Shares trading ~2% higher premarket.
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Luokung Technology to issue 5.5M shares to raise $220M in strategic invetsment