BEIJING, March 27,
2023 /PRNewswire/ -- Luokung Technology Corp.
(NASDAQ: LKCO) ("Luokung," "we," "our" or the "Company"), a leading
spatial-temporal intelligent big data services company and provider
of interactive location-based services ("LBS") in China, today announced that it has signed a
shares subscription agreement with a strategic investor
CHINA ORIENT SMART ECOTECH
INVESTMENT GROUP LIMITED ("COIG"), pursuant to which the Company
agreed to issue a total of 5,469,019 restricted ordinary shares for
an aggregate of USD220 million of
strategic investment.
The closing of the investment is in two tranches. The first
tranche of $22 million is expected be
within 30 working days from the date of the Share Subscription
Agreement, and the remaining $198
million is expected to be within 60 days thereafter. COIG is
to receive ordinary shares with a six-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.
Mr. Xuesong Song, Chairman and
CEO of Luokung, stated "We are delighted to announce that our
company has successfully secured a long-term strategic investment
from COIG. COIG has been committed to long-term industrial
investment in areas such as intelligent connected cars, vehicle
networking, autonomous driving, and IoT smart data. As a strategic
investment shareholder of Verizon Connect in China, COIG will strongly support our business
development in the fields of autonomous driving and vehicle-road
coordination."
Mr. Song continued, "In this financing process, we reached the
Company's financing valuation through private equity financing of
unlisted companies with our future strategic partner COIG. In the
current situation where the company's market value is extremely
low, we have achieved the maximum value realization and protection
for the Company's shareholders. In addition, COIG has obtained the
right to exchange a portion of the equity of relevant independent
operating entities under the Company for a portion of the
investment amount at the original investment value within the next
24 months. This not only demonstrates our strategic partner's
recognition of the value and development support for our relevant
operating assets but also ensures the investment returns to a
long-term strategic partner."
"This financing is a win-win solution that brings value to our
long-term strategic investment partner, the Company's shareholders,
and all parties involved. We are delighted with this achievement!
With this strategic investment, we look forward to seeing rapid
development in areas of autonomous driving, vehicle-road
coordination, and carbon-neutral data services. We will continue to
work tirelessly to create more value for our shareholders,
customers, partners, and society."
About Luokung Technology Corp.
Luokung Technology Corp. is a leading spatial-temporal
intelligent big data services company, as well as a leading
provider of LBS for various industries in China. Backed by its proprietary technologies
and expertise in multi-sourced intelligent spatial-temporal big
data, Luokung has established city-level and industry-level
holographic spatial-temporal digital twin systems and actively
serves industries including smart transportation (autonomous
driving, smart highway and vehicle-road collaboration), natural
resource asset management (carbon neutral and environmental
protection remote sensing data service), and LBS smart industry
applications (mobile Internet LBS, smart travel, smart logistics,
new infrastructure, smart cities, emergency rescue, among others).
The Company routinely provides important updates on its website:
https://www.luokung.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS
This press release contains certain forward-looking statements.
Forward-looking statements include, but are not limited to,
statements regarding our or our management's expectations, hopes,
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addition, any statements that refer to projections, forecasts or
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including any underlying assumptions, are forward-looking
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"estimate", "expect", "intend", "may", "might", "plan", "probable",
"potential", "should", "would" and similar expressions may identify
forward-looking statements, but the absence of these words does not
mean that a statement is not forward-looking.
The forward-looking statements in this press release are based
upon various assumptions, many of which are based, in turn, upon
further assumptions, including without limitation, management's
examination and analysis of the existing law, rules and regulations
and other data available from third parties. Although we believe
that these assumptions were reasonable when made, because these
assumptions are inherently subject to significant uncertainties and
contingencies which are difficult or impossible to predict and are
beyond our control, we cannot assure you the statement herein will
be accurate. As a result, you are cautioned not to rely on any
forward-looking statements.
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SOURCE Luokung Technology Corp.