- The stock price of Luokung Technology Corp (NASDAQ: LKCO) is trading at over 20% pre-market. This is why it happened.
The stock price of Luokung Technology Corp (NASDAQ: LKCO) – a leading spatial-temporal big-data processing technology company and a leading interactive location-based services company in China – is trading at over 20% pre-market as of 7:04 AM ET. There appears to be continued momentum from Luokung Technology announcing that it has entered into a securities purchase agreement with certain institutional investors for a registered direct offering of approximately $15 million of ordinary shares at a price of $0.888 per share. And the company will issue a total of 16,891,892 ordinary shares to the institutional investors.
As part of the deal, Luokung will also issue to the investors’ warrants for the purchase of up to 8,445,946 ordinary shares at an exercise price of $1.11 per share, which warrants will have a term of three years from the date of issuance. And the net proceeds from this offering will be used for working capital and general corporate purposes. The offering is expected to close on or about February 16, 2021, subject to the satisfaction of customary closing conditions.
Investors also appear to be responding to a video by Fresh Mind Investing, which is very bullish on LKCO. You can see the video below:
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.