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This is Luokung’s first share offering to institutional investors since May when Nasdaq had withdrawn a decision to delist the company’s shares, after a U.S. judge suspended an imminent investment ban imposed under the former Trump administration.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