New Extension Enables Link Motion to Fulfill
Closing Conditions Including its Annual Report on Form 20-F for the
Year 2017
BEIJING, Sept. 25, 2018 /PRNewswire/ -- Link Motion
Inc., (NYSE: LKM), a leading smart car and smart ride company,
today announced an update on the China AI Capital Limited ("China
AI") investment in the Company. On July 19, 2018 the Company announced that the
Company and China AI entered into a subscription agreement (the
"Subscription Agreement"), under the terms of which China AI agreed
to purchase 70,175,439 Class B common shares (Class B shares), or
the economic equivalent of 14,035,088 American depository shares
(ADSs) each representing five (5) Class A common shares of the
Company, for a purchase price of $0.285 per Class B share, or the equivalent of
$1.425 per ADS. At the time of
the signing of the Subscription Agreement, China AI paid an initial
US$10 million of the total
US$20 million purchase price, the
remaining $10 million of the
aggregate purchase price was to be paid, subject to customary
closing conditions, on or before September
19, 2018. However, as of this date, the Company has
not performed or completed certain closing conditions as required
under the Subscription Agreement, including the filing of its
annual report on Form 20-F for the year 2017. Therefore, the
Company and China AI have agreed to extend the closing date to
November 19, 2018 to provide for
sufficient time for the Company to be able to fulfill its
obligation to meet the required closing conditions.
About Link Motion Inc.
Link Motion Inc. ("Link Motion" or the "Company", NYSE: LKM) is
a leading smart car and smart ride company. Link Motion's portfolio
of offerings includes enabling technology solutions and secure
connected carputers for the ecosystem of car businesses, consumer
ride sharing services, as well as legacy mobile security,
productivity and other related applications. For more information
on Link Motion, please visit www.lkmotion.com or the company's U.S.
investor relations site here.
Forward Looking Statements
This news release contains "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, and as defined in the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements can be
identified by terminology such as "will," "expects," "anticipates,"
"future," "intends," "plans," "believes," "estimates" and similar
statements. All statements other than statements of historical fact
in this press release are forward-looking statements and involve
certain risks and uncertainties that could cause actual results to
differ materially from those in the forward-looking statements.
These forward-looking statements are based on management's current
expectations, assumptions, estimates and projections about the
Company and the industry in which the Company operates, but involve
a number of unknown risks and uncertainties. Further information
regarding these and other risks is included in the Company's
filings with the U.S. Securities and Exchange Commission. The
Company undertakes no obligation to update forward-looking
statements to reflect subsequent occurring events or circumstances,
or changes in its expectations, except as may be required by law.
Although the Company believes that the expectations expressed in
these forward-looking statements are reasonable, it cannot assure
you that such expectations will turn out to be correct, and actual
results may differ materially from the anticipated results. You are
urged to consider these factors carefully in evaluating the
forward-looking statements contained herein and are cautioned not
to place undue reliance on such forward-looking statements, which
are qualified in their entirety by these cautionary statements.
Media & Investor Relations
MZ North America
Chris
Tyson
Managing Director
949-491-8235
LKM@mzgroup.us
www.mzgroup.us
Luke Zimmerman
Senior Associate
949-259-4987
LKM@mzgroup.us
www.mzgroup.us
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SOURCE Link Motion Inc.
