Why Luokung Technology Stock Jumped Today

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Shares of Luokung Technology (NASDAQ: LKCO) were moving higher Friday after the Chinese provider of location-based services for autonomous vehicles and drones announced another share offering. As of 1:15 p.m. EST, the stock price was up 35% to $1.62.

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In a press release Thursday, Luokung said it would float a direct offering of 16.9 million shares at $0.88 per share, raising $15 million for the company. Those investors will also receive warrants to buy an additional $9.375 million worth of shares at $1.11 per share at a later time. Proceeds from the stock sale to institutional investors will be used for working capital and general corporate purposes. The offering is expected to close on Feb. 16, and follows a $5 million direct offering that closed earlier this week.

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