Luokung Technology tumbles on deal to buy eMapgo Technologies

Luokung Technology

28/08/2019 16:51

** Wireless communication software maker's shares  LKCO.O 
tumble 11.7% to $6.35 in morning trading; on track to have its
worst day since June 6
    ** Co announces deal to buy mapping company eMapgo
Technologies (EMG) for RMB 836 mln (about $119 mln)  urn:newsml:reuters.com:*:nPn65DLbSa
    ** Deal is conditioned on co's ability to raise necessary
financing to buy EMG
    ** If losses hold, stock to close in the red for the 3rd
straight session
    ** With ~37% drop, Aug. is on pace to become the company's
worst traded month so far

 (Reporting by Vibhuti Sharma in Bengaluru)