QINGDAO, China, Jan. 8, 2021 /PRNewswire/ -- SOS Limited
(NYSE: SOS) (the "Company" or "SOS"), a high-tech company providing
a wide range of data mining and marketing analysis services to its
corporate and individual members in China, announced today that it has entered
into a securities purchase agreement with certain accredited
investors to purchase $25,021,250
worth of its American Depositary Shares ("ADS") and warrants in a
registered direct offering.
Under the terms of the securities purchase agreement, the
Company has agreed to sell 13,525,000
ADSs and warrants to purchase 13,525,000 ADS. The warrants will be
exercisable immediately upon the date of issuance and have an
exercise price of $1.85. The warrants
will expire five years from the date of issuance. The purchase
price for one ADS and one corresponding warrant will be
$1.85. The determination of the
purchase price was based on the average of the Company's closing
stock price over the past five trading days.
The gross proceeds to the Company from the registered
direct offering are estimated to be $25,021,250 before deducting the placement
agent's fees and other estimated offering expenses. The registered
direct offering is expected to close on or about January 12, 2021, subject to the satisfaction of
customary closing conditions. The Company intends to use the
proceeds from the offering to develop its planned blockchain-based
security and insurance technology 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 shelf registration statement on Form F-3 (File No.:
333-250145) filed with the Securities and Exchange Commission (the
"SEC") dated November 17, 2020, and
declared effective on November 30,
2020. 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, 405 Lexington Avenue, 2nd Floor, New York, NY 10174, 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 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 96 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; SOS's estimated and
future results of operations, business strategies, competitive
position, industry environment and potential growth opportunities
market acceptance of our products; the ultimate impact of the
current Coronavirus pandemic, or any other health epidemic, on our
business, our research programs, healthcare systems or the global
economy as a whole; our intellectual property; our reliance on
third party organizations; our anticipated financial and operating
results, including anticipated sources of revenues; our assumptions
regarding the size of the available market, benefits of our product
offering, product pricing, timing of product launches; management's
expectation with respect to future acquisitions; statements
regarding our goals, intentions, plans and expectations, including
the introduction of new products and markets; and our cash needs
and financing plans and etc. 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. SOS may
not realize its expectations, and its beliefs may not prove
correct. 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