QINGDAO,
China, March 31, 2022 /PRNewswire/ -- SOS Limited
(NYSE: SOS) (the "Company" or "SOS"), an emerging
blockchain-based and big data-driven marketing solution
provider, announced today that it has entered into a
securities purchase agreement with certain accredited investors to
purchase approximately $20 million
worth of its American Depositary Shares ("ADS") in a registered
direct offering.
Under the terms of the securities purchase agreement, the
Company has agreed to sell 35,750,000 ADSs at a purchase price of
$0.56 per ADS. Each ADS represents
ten (10) Class A Ordinary Shares of the Company. The ADSs are
traded on the New York Stock Exchange under the symbol "SOS". In
addition, effective on the closing date of this offering, the
Company has agreed to voluntarily reduce the exercise price of the
ADS purchase warrants issued on February 17,
2021, February 22, 2021,
March 1, 2021 and April 1, 2021 to $0.56 per share.
The gross proceeds to the Company from the registered direct
offering are estimated to be $20.02
million before deducting the placement agent's fees and
other estimated offering expenses. The registered direct offering
is expected to close on or about April 4,
2022, subject to the satisfaction of customary closing
conditions.
The Company intends to use the proceeds from the offering to
develop its business in North
America as well as for working capital and general corporate
use.
Maxim Group LLC is acting as sole placement agent in connection
with this offering.
The securities described above are being offered by the Company
pursuant to a shelf registration statement on Form F-3ASR (File
No.:333-253402) which became automatically effective upon filing
with the U.S. Securities and Exchange Commission ("SEC") on
February 23, 2021, EST time. A
prospectus supplement related to the offering will be filed with
the SEC and available on the SEC's website at http://www.sec.gov.
Copies of the prospectus supplement relating to the offering may be
obtained, when available, by contacting: Maxim Group LLC, 300 Park
Avenue, 16th Floor, New York,
NY 10022, by telephone: at (212) 895-3500.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of,
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of such state or
jurisdiction.
About SOS Limited
SOS is an emerging blockchain-based and big data-driven
marketing and solution provider as well as a data center escrow
service provider. Since April 2021,
SOS launched commodity trading via our subsidiary SOS International
Trading Co. Ltd. The core infrastructure of SOS' marketing data,
technology and solutions to insurance and emergency rescue services
is built on big data, blockchain-based technology, cloud computing,
AI, satellite, and 5G network, etc. SOS has created a cloud
"software as a service (SaaS)" platform for emergency rescue
services, with three major product categories: basic cloud,
cooperative cloud, and information cloud. This system provides
innovative marketing solutions to clients such as insurance
companies, financial institutions, medical institutions, healthcare
providers, auto manufacturers, security providers, senior living
assistance providers, and other service providers in the emergency
rescue services industry. SOS has obtained a national high-tech
enterprise certification and the title of "Big Data Star
Enterprise," awarded by Gui'an New District Government. Staying on
the forefront of digital technology innovation, the Company has
registered 99 software copyrights and 3 patents. For more
information, please visit: http://www.sosyun.com/
Forward-Looking Statements
Certain statements in this press release may constitute
"forward-looking statements" within the meaning of the federal
securities laws, including, but not limited to, our expectations
for future financial performance, business strategies or
expectations for our business. These statements constitute
projections, forecasts and forward-looking statements, and are not
guarantees of performance. SOS cautions that forward-looking
statements are subject to numerous assumptions, risks and
uncertainties, which change over time. Words such as "may," "can,"
"should," "will," "estimate," "plan," "project," "forecast,"
"intend," "expect," "anticipate," "believe," "seek," "target,"
"look" or similar expressions may identify forward-looking
statements. Specifically, forward-looking statements may include
statements relating to the Company's: ability to execute its
business plan, changes in the market for SOS' products and
services; and expansion plans and opportunities.
These forward-looking statements are based on information
available as of the date of this press release and our management's
current expectations, forecasts and assumptions, and involve a
number of judgments, risks and uncertainties that may cause actual
results or performance to be materially different from those
expressed or implied by these forward-looking statements.
These risks and uncertainties include, but not are limited to,
the risk factors described by SOS in its filings with the
Securities and Exchange Commission ("SEC"). These risk factors
could cause actual results to differ materially from historical
performance.
Accordingly, forward-looking statements should not be relied
upon as representing our views as of any subsequent date, and you
should not place undue reliance on these forward-looking statements
in deciding whether to invest in our securities. We do not
undertake any obligation to update forward-looking statements to
reflect events or circumstances after the date they were made,
whether as a result of new information, future events or otherwise,
except as may be required under applicable securities laws.
Additional information concerning these and other factors that
may impact our expectations and projections can be found in our
periodic filings with the SEC, including our Annual Report on Form
20-F for the fiscal year ended December 31,
2020. SOS's SEC filings are available publicly on the SEC's
website at www.sec.gov. SOS disclaims any obligation to update the
forward-looking statements, whether as a result of new information,
future events or otherwise.
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SOURCE SOS Limited