sos-ltd-announces-pricing-of-$110.0-million-registered-direct-offering-priced-at-the-market

SOS Ltd. Announces Pricing of $110.0 Million Registered Direct Offering Priced At-The-Market

 

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 $110,000,000 worth of its American Depositary Shares (“ADS”) and warrants in a registered direct offering priced at-the-market under the NYSE rules.

Under the terms of the securities purchase agreement, the Company has agreed to sell 22,000,000 ADSs and warrants to purchase 16,500,000 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 $5.00The gross proceeds to the Company from the registered direct offering are estimated to be $110,000,000 before deducting the placement agent’s fees and other estimated offering expenses. The registered direct offering is expected to close on or about February 17, 2021, subject to the satisfaction of customary closing conditions.

The Company intends to use the proceeds from the offering to develop its recently launched 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-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.

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