Shares of the Luokung Technology Corp. (LKCO) stock continue to rise in the premarket trading session today on October 28, 2021. LKCO stock price saw a push of 4.46% to reach $1.17 a share at the time of this writing. The stock was green in the previous trade and went up by 5.66% at closing. Let’s deep dive to understand the reason behind this bull.
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What’s Happening?
LKCO stock recently announced the release date of its financial results for the six months ended June 30, 2021. The stock will announce the financial results for the first half of 2021 on November 1, 2021, after the close of the stock market. The conference call will be on November 2, 2021, at 8:00 am ET where the company will discuss the financial results.
Luokung Technology Corp. is a big data service company that develops mobile applications products and provides location-based services to large distance travelers in China. The LKCO stock has a market cap of $428.29 million and is 6,171,303 average trading volume. Let’s discuss some recent events of this stock.
Registered Direct Offering by LKCO stock:
On September 20, 2021, LKCO stock announced a $32.8 million registered direct offering. The stock signed the securities purchase agreement with certain institutional investors to offer $32.8 million ordinary shares for $1.20 per share price. The stock issued 27,333,300 ordinary shares to institutional investors. LKCO stock also issued the warrants to the investors for the purchase of 13,666,650 ordinary shares at a $1.60 per share exercise price. The warrants will be exercisable for three years from the issuance date. The offering closed on September 22, 2021. Luokung stock will use net proceeds from this offering for working capital and general corporate purposes.
eMapgo Agreement with Microsoft:
On September 16, 2021, Luokung stock announced the cooperation agreement between its affiliate eMapgo Technology (Beijing) Co., Ltd and Microsoft. The purpose of this agreement was to launch autonomous driving services for automakers. eMapgo Technology is playing the lead role in the provision of electronic map services in China.
According to the agreement, eMapgo and Microsoft will work together to provide various range of services including simulation testing of autonomous driving data to auto manufactures for the speedy implementation of autonomous driving technologies in China.
Conclusion:
The sentiment is positive for LKCO stock among investors in the stock market so far. LKCO stock has performed well in 2021 as it gained almost 58% year to date. The upcoming first half of 2021 financial results on November 1, 2021, will further describe the performance of this stock.
