LKCO Announces a New Round of Financing
BEIJING, July 1, 2020 /PRNewswire/ -- Luokung Technology Corp. (NASDAQ: LKCO) ("Luokung" or the "Company"), one of the global leading spatial-temporal big-data processing technology companies, a leading interactive location-based services company in China, today announced it has entered into a preferred share subscription agreement with Daci Haojin Foundation Limited ("Daci Haojin"), the Company will issue 15 million preferred shares to Daci Haojin at USD $3.00 per share resulting in an aggregate financing of USD $45 million of gross proceed to the Company. The first installment for an aggregate amount of $13,500,000 is expected to occur on July 31, 2020, and two subsequent installments of $13,500,000 and $18,000,000 each are expected to occur on August 31, 2020 and September 30, 2020, respectively. Twelve (12) months after Daci Haojin completes the payment of the consideration of the subscription, Daci Haojin's preferred shares will automatically converts into the Company's ordinary shares at a 1:1 ratio. Prior to the conversion of ordinary shares, Daci Haojin entitles the right of a fixed dividend of 8% per year (a total of one year).
About Daci Haojin Foundation Limited
Daci Haojin is dedicated to investing in companies with merger and acquisition demand for the purpose of rapid growth, business improvement and maintaining competitive advantage. Also, it provides continued investment to its clients for future business expansion. Daci Hanjin prefers long term investment and helps its clients to achieve financial goals. It focuses on the strategic investment of high-speed growth companies in the fields of electronic information technology such as the Internet of Things, industrial Internet, intelligent big data, cloud services, machine learning and artificial intelligence.
About Luokung Technology Corp.
Luokung Technology Corp. is one of the global leading spatial-temporal big-data processing technology companies and a leading interactive location-based services company in China. It provides integrated DaaS, SaaS, and PaaS services for Internet and Internet of Things of Spatial-Temporal big data based on its patented technology. Based on geographic information systems and intelligent Spatial-Temporal big data, it establishes city-level and industry-level digital twin holographic data models to actively serve smart cities, intelligent transportation, smart industry, LBS.
Business Risks and Forward-Looking Statements
This news release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will", "expects", "anticipates", "future", "intends", "plans", "believes", "estimates", "target", "going forward", "outlook" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control, which may cause the Company's actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.
Mr. Jay Yu
Chief Financial Officer
PureRock Communications Limited
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