QINGDAO, China, Aug. 31, 2020 /PRNewswire/ -- SOS
Limited (the "Company") (NYSE: SOS) today announced that it
has closed a private placement with a small number of sophisticated
non-U.S. investors on August 27,
2020, pursuant to which it has sold 53,580,020 units,
with each unit consisting of one Class A ordinary share and a
warrant to purchase one Class A ordinary share, at a price of
$0.2162 per unit. This represents a
price of $2.162 per ADS, which is
approximately a 15% premium over the Company's closing trading
price on August 20, 2020.
The net proceeds from the private placement are approximately
$11.6 million. A warrant to purchase
one Class A ordinary share is included in each unit with an initial
exercise price of $0.27 per Class A
ordinary share, or $2.70 per ADS. The
warrants are exercisable immediately upon issuance. Please refer to
the Company's Current Report on Form 6-K filed on August 27, 2020 for further details.
Chairman Yandai Wang commented, "It is gratifying to see that
investors who both understand the size of the opportunity and
potential of our company demonstrate their confidence in SOS
through an equity investment in the company."
The Company intends to use the proceeds for working capital and
to accelerate its plans for growth and operational investments.
About SOS Limited
SOS Limited, through its operating subsidiary, SOS Information
Technology Co., Ltd. ("SOS") is a high-technology company
providing a wide range of services to its corporate and individual
members, including marketing data, technology and solutions for
emergency rescue services. SOS is focused on the research and
development of big data, cloud computing, Internet of Things,
blockchain and artificial intelligence. We have created a SOS cloud
emergency rescue service software as a service (SaaS) platform with
three major product categories, including basic cloud (medical
rescue card, car rescue card, financial rescue card, mutual
assistance rescue card), cooperative cloud (information rescue
center, intelligent big data, intelligent software and hardware),
and information cloud (News Today, E-Commerce Today). This system
provide marketing-related data, technology solutions, and
technology-driven big data 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, the title of "big data star enterprise" awarded by
Gui'an New District Government, and has registered 11 software
copyrights and 2 patents. For more information, please visit:
http://www.sosyun.com/
Forward-Looking Statements
Certain statements made herein are "forward-looking statements"
within the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
"anticipate," "believe," "expect," "estimate," "plan," "outlook,"
and "project" and other similar expressions that predict or
indicate future events or trends or that are not statements of
historical matters. Such forward-looking statements include timing
of the proposed transaction; the business plans, objectives,
expectations and intentions of the parties once the transaction is
complete, and SOS's estimated and future results of operations,
business strategies, competitive position, industry environment and
potential growth opportunities. These forward-looking statements
reflect the current analysis of existing information and are
subject to various risks and uncertainties. As a result, caution
must be exercised in relying on forward-looking statements. Due to
known and unknown risks, our actual results may differ materially
from our expectations or projections. All forward-looking
statements attributable to the Company or persons acting on its
behalf are expressly qualified in their entirety by these factors.
Other than as required under the securities laws, the Company does
not assume a duty to update these forward-looking statements.
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,
2019. 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