Why Luokung Technology Stock Plunged Today
Luokung Technology's (NASDAQ: LKCO) stock price fell 26% on Wednesday after the Chinese provider of location-based services for autonomous vehicles announced a massive stock offering.
Luokung's shares more than quadrupled in value after its acquisition candidate, eMapgo Technologies, said on Feb. 4 that it would work with Beijing New Energy Automobile to co-develop mapping services for electric vehicles.
Luokung Technology gave up some of its recent gains on Wednesday. Image source: Getty Images.
Source Fool.com
