Why Luokung Technology (LKCO) skyrocketed today

Why Luokung Technology (LKCO) skyrocketed today

Shares of Luokung Technology (LKCO) has surged 125% and investors are getting excited about it’s recent performance.

The company is a leading spatial temporal big data processing technology with location technology. Momentum seems to come from a recent purchase offering.

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.