NEW YORK, March 13,
2024 /PRNewswire/ -- SOS Limited (NYSE: SOS) (the
"Company" or "SOS"), a multifaceted company that engages in the
blockchain and cryptocurrency operations and commodity trading,
announced today that it has entered into a securities purchase
agreement with certain accredited investors to purchase
approximately $7.85 million worth of
its American Depositary Shares ("ADS") and warrants in a public
offering.
Under the terms of the securities purchase agreement, the
Company has agreed to sell 5,233,332 ADSs and warrants to purchase
10,466,664 ADSs. The warrants will be exercisable immediately upon
the date of issuance and have an exercise price of $1.50. The warrants will expire five years from
the date of issuance. The purchase price for one ADS and one
corresponding warrant will be $1.50.
The gross proceeds to the Company from the follow-on offering are
estimated to be $7.85 million before
deducting the placement agent's fees and other estimated offering
expenses. The public offering is expected to close on or about
March 15, 2024, subject to the
satisfaction of customary closing conditions.
The Company intends to use the proceeds from the offering to
develop its cloud cryptocurrency mining and cryptocurrency
security and insurance business 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 registration statement on Form F-1, as amended, (File
No.: 333-276006) (the "Registration Statement") which was declared
effective by the Securities and Exchange Commission (the "SEC") on
March 13, 2024, 9:00AM EST time. The offering is being made only
by means of a prospectus which is a part of the Registration
Statement. A preliminary prospectus relating to the offering has
been filed with the SEC and available on the SEC's website at
http://www.sec.gov. Copies of the final prospectus relating to this
offering, when available, will be filed with the SEC and may be
obtained from Maxim Group LLC, 300 Park Avenue, 16th Floor,
New York, NY 10022, at (212)
895-3745.
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 service solution provider
and also engaged in blockchain and cryptocurrency operations, which
currently include cryptocurrency mining and maybe expand into
cryptocurrency security. Since April
2021, we launched commodity trading via our subsidiary SOS
International Trading Co. Ltd; major trading commodity includes
mineral resin, soy bean, wheat, sesame, liquid sulfur, petrol coke
and latex etc. 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 Act, including but not limited to our expectations of
future financial performance, business strategy or business. These
statements constitute forecasts, prospects and forward-looking
statements and are not performance guarantees. SOS warns that
forward-looking statements are subject to many assumptions, risks
and uncertainties that will change over time. Forward looking
statements may be identified by words such as "may", "can",
"should", "will", "estimate", "plan", "project", "forecast",
"intend", "expect", "predict", "believe", "seek", "target",
"Outlook" or similar words. Specifically, forward-looking
statements may include statements related to the following matters
of the company:
- Ability to implement its business plan;
- Changes in SOS product and service market; 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 and
those identified elsewhere in this press release, among others,
could cause actual results to differ materially from historical
performance and include, but are not limited to:
- Local government's policies and regulatory oversight of crypto
currency mining operation and our other operations;
- SOS's blockchian 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 our demand 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 and
- fluctuation in the crypto currency price.
- other risks and uncertainties indicated in SOS's SEC reports or
documents filed or to be filed with the SEC by SOS.
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.
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SOURCE SOS Ltd.