QINGDAO, China, March 30, 2021 /PRNewswire/ -- SOS Limited (NYSE:
SOS) (the "Company" or "SOS"), an emerging
blockchain-based and big data-driven marketing solution
provider, announced today that it has entered into a
securities purchase agreement with certain accredited investors to
purchase $125,000,000 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 25,000,000 ADSs and warrants to purchase
25,000,000 ADS. The warrants will be exercisable immediately upon
the date of issuance and have an exercise price of $5.00. The warrants will expire five years from
the date of issuance. The purchase price for one ADS and one
corresponding warrant will be $5.00.
The gross proceeds to the Company from the registered direct
offering are estimated to be $125,000,000 before deducting the placement
agent's fees and other estimated offering expenses. The registered
direct offering is expected to close on or about April 1, 2021, 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 shelf registration statement on Form F-3ASR (File
No.: 333-253402) which became automatically effective upon filing
with the U.S. Securities and Exchange Commission ("SEC") on
February 23, 2021, EST time. 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 is an emerging blockchain-based and big data-driven
marketing and solution provider, with a nationwide membership base
of approximately 20 million in China. SOS has rolled
out its cryptocurrency mining business and plans to develop
insurance and security management solutions for digital assets and
cryptocurrencies. The core infrastructure of SOS' marketing data,
technology and solutions to insurance and emergency rescue services
is built on big date, blockchain-based technology, cloud computing,
AI, satellite, and 5G network, etc. 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
transforms digital technology into data-driven operations through
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. 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