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China's Luokung Technology to Sell $5 Million Securities To Investors; Shares Down Late Friday

· 02/05/2021 11:05

03:56 PM EST, 02/05/2021 (MT Newswires) -- Luokung Technology Corp (LKCO) said Friday it struck a deal to sell $5 million securities to some institutional investors at $0.52 per share.

The Chinese big-data processor said it will also issue warrants to purchase up to 4.81 million shares at a strike price of $0.68 per share to the investors. It plans to use the proceeds for working capital and general corporate purposes.

Shares were down more than 8% on Friday afternoon.

Price: 0.63, Change: -0.06, Percent Change: -8.35