QINGDAO, China, Feb. 11, 2022
/PRNewswire/ -- SOS Limited (NYSE: SOS) (the "Company" or
"SOS") today announced the Company has received a letter from the
New York Stock Exchange (the "NYSE") dated January 14, 2022, notifying SOS that it is below
compliance standards due to the trading price of SOS's American
depositary shares (the "ADSs").
Pursuant to NYSE rule 802.01C, a company will be considered to
be below compliance standards if the average closing price of a
security as reported on the consolidated tape is less than
$1.00 over a consecutive 30
trading-day period. Once notified, the company must bring its share
price and average share price back above $1.00 by six months following receipt of the
notification. The company can regain compliance at any time during
the six-month cure period if on the last trading day of any
calendar month during the cure period the company has a closing
share price of at least $1.00 and an
average closing share price of at least $1.00 over the 30 trading-day period ending on
the last trading day of that month. In the event that at the
expiration of the six-month cure period, both a $1.00 closing share price on the last trading day
of the cure period and a $1.00
average closing share price over the 30 trading-day period ending
on the last trading day of the cure period are not attained, the
NYSE will commence suspension and delisting procedures.
The notice has no immediate impact on the listing of the
Company's ADSs, which will continue to be listed and traded on the
NYSE during the cure period subject to continued compliance with
the other listing requirements of the NYSE.
About SOS Limited
SOS is an emerging blockchain-based and big data-driven
marketing solution provider, with a nationwide membership base of
approximately 20 million in China.
SOS is also engaged in blockchain and supercomputing operations,
and may expand into cryptocurrency security and insurance in the
future. 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.
For more information on SOS, please
visit http://www.sosyun.com/
Safe Harbor Statement
This press release contains forward-looking statements made
under the "safe harbor" provisions of Section 21E of the Securities
Exchange Act of 1934, as amended, and 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," "confident," "optimistic" and similar statements. SOS
may also make written or oral forward-looking statements in its
reports filed with or furnished to the U.S. Securities and Exchange
Commission, in its annual report to shareholders, in press releases
and other written materials and in oral statements made by its
officers, directors or employees to third parties. Any statements
that are not historical facts, including statements about SOS's
beliefs and expectations, are forward-looking statements that
involve factors, risks and uncertainties that could cause actual
results to differ materially from those in the forward-looking
statements. Such factors and risks include, but not limited to the
following: local government's policies and regulatory oversight of
crypto currency mining operation and SOS's other operations; SOS's
blockchain and supercomputing, commodity trading and marketing
solutions businesses are still under development, with many
uncertainties in the future direction and integration of these
various business segments; failure to manage the newly launched
commodities trading business effectively; loss of key customers in
the commodity trading business; failure to access a large quantity
of power at reasonable costs could significantly increase SOS
operating expenses and adversely affect demands for SOS's mining
activities; any significant or prolonged failure in the data
warehouse facilities and data mining facilities that SOS operates
or services it provides, including events beyond its control, would
lead to significant costs and disruptions and would reduce the
attractiveness of its facilities, harm its business reputation and
have a material adverse effect on its results of operation;
security breaches or alleged security breaches of our data
warehouses could disrupt SOS operations and have a material adverse
effect on its business, financial condition and results of
operation; uncertainty in global supply chain and international
shipping. Further information regarding these and other risks,
uncertainties or factors is included in the Company's filings with
the U.S. Securities and Exchange Commission. All information
provided in this press release is current as of the date of the
press release, and SOS does not undertake any obligation to update
such information, except as required under applicable law.
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SOURCE SOS Limited