Keep Your Eyes on Stock News: Luokung Technology Corp. (NASDAQ:LKCO)
On Wednesday Luokung Technology Corp. (NASDAQ:LKCO) traded with change of 7.64% on volume of 470820 shares in the last session as compared to average volume of 686924 shares. During last trade its minimum price was $1.57 and it gained highest price of $1.75. LKCO has total market capitalization of $336846586. Its closing value stands at $1.69.
On Nov. 13, 2019, Luokung Technology Corp. (NASDAQ:LKCO) one of the global leading spatial-temporal big-data processing technology companies, a leading interactive location-based services company in China, announced that Geely Technology Group Co. Ltd (hereinafter referred to as Geely Technology) and Acuitas Capital, LLC (hereinafter referred to as Acuitas) have made strategic investments in Luokung Technoloy Corp. through the purchase of preferred shares and common stock. The investment of USD $42.5 million from Geely prompt the Company to complete the acquisition of 51% of eMapgo Technologies (Beijing) Co., Ltd. (hereinafter referred to as the EMG) (the Acqusition). As a result, the Company will immediately begin to consolidate the financial results of EMG, which will be reflected in the Company fourth quarter and year-end financial results. The Company anticipates receiving funding of up to $100 million from Acuitas to acquire the remaining equity of EMG. Thus, the Company expects to acquire the balance of EMG by the end of the year 2019.
EMG is one of the major map service providers in China accounting for about 24% of China in-dash navigation market share. EMG possesses the National Class-A qualification certificates of navigable Surveying and Mapping, and it is actively developing the autonomous driving and HD Map services. The completion of the Acquisition will enable the Company to have a map business with complete qualifications in China and enriched map of business data. Through the integration of with the Company’s Superengine spatial-temporal big data engine and Superengine index cloud and other products and technical services, it will greatly improve the computing capability and operating efficiency of mapping data. Meanwhile, combined with the Company’s remote sensing image data service, it can provide more comprehensive and precise services in smart city, IoT and Intelligent big data computing. Furthermore, the Acquisition enables the Company to expand its business into HD Map in connection to autonomous driving and intelligent transportation and other service areas, while enabling the Company to provide complete map data service in the location-based services business. The Company and EMG have begun to integrate on development and advancing new products, and the Company expects to announce major business progress in the near future.
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