Chinese mapping tech firm Luokung makes $32.8m direct share offering

A miniature man is placed on a world map. Photo: Pexels

Chinese mapping technology company Luokung Technology Corp said on Monday it will offer $32.8 million worth of shares in a direct offering.

This is Luokung’s first share offering to institutional investors since May when Nasdaq had withdrawn a decision to delist the company’s shares, after a U.S. judge suspended an imminent investment ban imposed under the former Trump administration.

Luokung was one of the companies on a U.S. list of alleged “Communist Chinese Military Companies” subject to the ban to win a preliminary injunction halting the designation.

Under the deal, the company would issue 27.3 million shares at $1.20 per share and warrants for the purchase of up to 13.7 million shares at a price of $1.60 per share.

The offering is expected to close on or about Sept. 22.

Earlier this month, the company said in a letter to shareholders that it was not a state-owned enterprise and was not affiliated with the Chinese military.

Reuters

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.