Luokung Technology Corp. announced that it has entered into share subscription agreement for a private placement of 5,469,019 restricted ordinary shares at an issue price of $40.226592 for the gross proceeds of $219,999,996 on March 26, 2023. The transaction included participation from new investor CHINA ORIENT SMART ECOTECH INVESTMENT GROUP LIMITED.

The closing of the investment is in two tranches. The first tranche of $22,000,000 is expected be within 30 working days from the date of the Share Subscription Agreement, and the remaining $198,000,000 is expected to be within 60 days thereafter. CHINA ORIENT SMART ECOTECH INVESTMENT GROUP LIMITED 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.

The shares are subject to a lock-up period of six months.