Luokung Technology signs shares subscription agreement with COIG

Luokung Technology announced that it has signed a shares subscription agreement with a strategic investor CHINA ORIENT SMART ECOTECH INVESTMENT GROUP LIMITED, pursuant to which the company agreed to issue a total of 5,469,019 restricted ordinary shares for an aggregate of $220M of strategic investment. The closing of the investment is in two tranches. The first tranche of $22M is expected be within 30 working days from the date of the Share Subscription Agreement, and the remaining $198M is expected to be within 60 days thereafter. COIG is to receive ordinary shares with a six-month sales restriction, and unregistered shares come with the right to be exchanged for equity of independent operating subsidiaries of the company within 24 months from the closing.