Luokung Technology announces closing of $100M registered direct offering

Luokung Technology Corp. announced that on February 19, 2021, it closed its previously announced registered direct offering of (i) 48,076,923 ordinary shares and (ii) warrants to purchase 19,230,768 ordinary shares at a combined purchase price of $2.08. The gross proceeds to Luokung from this offering are approximately $100,000,000, before deducting placement agent fees and other estimated offering expenses. The warrants have an exercise price of $2.38 per share and expire three years from the date of issuance. The offering was priced at-the-market under Nasdaq rules. FT Global Capital, Inc. acted as the exclusive placement agent for the transaction. Pryor Cashman LLP acted as counsel to the Company and Sheppard, Mullin, Richter & Hampton LLP acted as counsel to the placement agent in connection with the offering. The company intends to use the net proceeds from this offering for working capital and general corporate purposes.