SOS Limited Announces Planned ADS Ratio Change
June 22 2022 - 9:00AM
SOS Limited ("SOS" or the "Company") (NYSE: SOS) today
announced that it plans to change the ratio of its American
depositary shares ("ADSs") from one (1) ADS representing ten (10)
Class A ordinary shares to one (1) ADS representing five hundred
(500) Class A ordinary shares.
There will be no change to the Company's Class A ordinary
shares. The effect of the ratio change on the ADS trading price on
the New York Stock Exchange (the "NYSE") is expected to take place
at the open of trading on July 6, 2022 (U.S. Eastern Time). ADS
holders of record on the effective date will need to surrender
their ADS to the depositary bank for cancellation and exchange in
connection with the ADS ratio change, with further details to be
provided in the notice by the depositary bank. As of the effective
date for the ADS ratio change, SOS’ ADSs will continue to be traded
on the NYSE under the symbol "SOS".
No fractional new ADSs will be issued in connection with the
change in the ADS ratio. Instead, fractional entitlements to new
ADSs will be aggregated and sold by the depositary bank and the net
cash proceeds from the sale of the fractional ADS entitlements
(after deduction of fees, taxes and expenses) will be distributed
to the applicable ADS holders by the depositary bank.
As a result of the change in the ADS ratio, the ADS price is
expected to increase proportionally, although the Company can give
no assurance that the ADS price after the change in the ADS ratio
will be equal to or greater than the ADS price on a
proportionate basis.
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" 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’ 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. Further
information regarding 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.
About SOS Limited
SOS is a new high-tech company with artificial intelligence and
blockchain as its core technologies. Through core technologies such
as AI+ block technology+satellite communication+big data, the
company provides digital technical services for emergency rescue,
big data marketing, international trade, digital assets and other
industries, and provides customers with one-stop digital overall
solutions. For more information, visit www.sosyun.com.
SOURCE - SOS Limited
Contact:Steven LiChief Financial
Officerstevenli@sosyun.com+8613816822093
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