What happened 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. So what 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. This morning, Luokung moved to cash in on its recent share price gains by conducting a $100 million direct offering. Luokung will sell nearly 48.1 million shares to investors at $2.08 per share. The offering price was more than 30% below the stock's closing price on Tuesday, and Luokung's shares fell in kind. Moreover, the deal included warrants giving investors the right to purchase an additional 19.2 million shares at an exercise price of $2.38 per share over a three-year period. Now what The sheer size of the stock offering likely spooked Luokung's existing shareholders, who will now see their ownership stakes diluted by the newly created shares -- and potentially even more so if the warrants are eventually exercised. The price at which Luokung decided to sell its stock also didn't help matters, and it no doubt played a part in many shareholders' decisions to sell their shares today. 10 stocks we like better than Luokung Technology Corp.When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Luokung Technology Corp. wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of November 20, 2020 Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source