QINGDAO, China, Sept. 22, 2020 /PRNewswire/ -- SOS Limited (the
"Company") (NYSE: SOS) is issuing this press release to
clarify its press release dated May 6,
2020.
As announced in the Company's press release dated May 6, 2020 (the "Press Release"), the Company
entered into a set of agreements on May 5,
2020 with Yong Bao Two Ltd. ("YBT"), the shareholders of YBT
(the "YBT Shareholders"), eight investors introduced by YBT (the
"Purchasers," collectively with the YBT Shareholders, the
"Investors") and True North Financial, LLC ("True
North," collectively, the "Parties"). The set of Agreements
included the Tripartite Agreement (the "Tripartite Agreement"), the
Assumption Agreement (the "Assumption Agreement") and the Share
Purchase Agreement (the "Share Purchase
Agreement," collectively, the "Agreements"). The per share
purchase price for the transaction contemplated by the Agreements
was $1.36 per ADS, or $0.136 per ordinary share of the Company.
On May 31, 2020, the Company
entered into an amendment (the "Amendment") to the Share Purchase
Agreement with YBT and the Investors to amend the definition of the
true-up shares to mean 7,566,421 Class A ordinary shares and
13,806,331 Class B ordinary shares within the Share Purchase
Agreement and the Tripartite Agreement, representing an increase of
4,000,000 Class B ordinary shares that were issued to the
Purchasers. Except the terms referenced above, the remaining
provisions of the Agreements were not affected or impaired in any
manner.
The Company would like to clarify that as a result of the
Amendment, the per share purchase price for the transaction
contemplated by the Agreements as disclosed in the Press Release
was reduced from $1.36 per ADS, or
$0.136 per ordinary share of the
Company, to $1.27, or $0.127 per ordinary share of the Company.
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