Brief: Luokung Technology Announces Agreement To Acquire 100% Of eMapgo To Develop The First Spatial-Temporal Full-Vector And Non-Tiled Map In China

Luokung Technology

28/08/2019 13:34

Aug 28 (Reuters) - Luokung Technology Corp  LKCO.O :
    * LUOKUNG TECHNOLOGY CORP. ANNOUNCES AGREEMENT TO ACQUIRE
100% OF
EMAPGO TO DEVELOP THE FIRST SPATIAL-TEMPORAL FULL-VECTOR AND
NON-TILED MAP IN CHINA
    * LUOKUNG TECHNOLOGY CORP - DEAL FOR RMB 836 MILLION
    * LUOKUNG TECHNOLOGY CORP - HAS ENTERED INTO AN AGREEMENT TO
ACQUIRE 100 PERCENT OF EQUITY INTERESTS OF EMAPGO TECHNOLOGIES
(BEIJING) CO., LTD.
    * LUOKUNG TECHNOLOGY - DEAL INCLUDES ABOUT RMB 709 MILLION
IN
CASH, AND RMB 127 MILLION WILL BE PAID BY COMMON STOCK AT
CONVERSION RATE OF $7 PER SHARE
    * LUOKUNG TECHNOLOGY -AGREEMENT TO BUY EMG CONDITIONED ON
AMONG
OTHER THINGS, CO'S ABILITY TO RAISE NECESSARY FINANCING TO
CONSUMMATE ACQUISITION OF EMG.
    * LUOKUNG TECHNOLOGY CORP - AGREEMENT TO ACQUIRE EMG IS
CONDITIONED ON ABILITY TO RAISE NECESSARY FINANCING TO
CONSUMMATE ACQUISITION OF EMG
    * LUOKUNG TECHNOLOGY CORP -POST DEAL EMG WILL CONTINUE TO
CONDUCT
ITS BUSINESS ACTIVITIES INDEPENDENTLY

Source text for Eikon:  ID:nPn65DLbSa 
Further company coverage:  LKCO.O 

 ((Reuters.Briefs@thomsonreuters.com;))