NEW YORK - SOS Limited (NYSE: SOS), a company specializing in blockchain and cryptocurrency operations, as well as commodity trading, has entered into a securities purchase agreement to raise approximately $7.85 million through a public offering. The agreement involves the sale of American Depositary Shares (ADS) and corresponding warrants to accredited investors.
The company plans to issue 5,233,332 ADSs along with warrants to purchase an additional 10,466,664 ADSs. These warrants can be exercised immediately at a price of $1.50 and will remain valid for five years following their issuance. The offering price for each ADS and corresponding warrant is set at $1.50.
SOS Limited expects the gross proceeds from this offering to reach the targeted $7.85 million before accounting for the placement agent's fees and other estimated expenses related to the offering. The closing of the offering is anticipated to occur around March 15, 2024, contingent upon customary closing conditions being met.
The company has disclosed its intention to utilize the proceeds from this offering to further develop its cloud cryptocurrency mining and cryptocurrency security and insurance operations. Additionally, funds will be allocated for working capital and general corporate purposes.
Maxim Group LLC is serving as the sole placement agent for this offering. The securities are being offered pursuant to an effective registration statement, which was declared by the Securities and Exchange Commission (SEC) on the morning of March 13, 2024.
This press release does not serve as an offer to sell or a solicitation of an offer to buy the securities, and there will be no sale of these securities in any state or jurisdiction where such an offer, solicitation, or sale would be unlawful before registration or qualification under the securities laws of any such state or jurisdiction.
The information provided in this article is based on a press release statement from SOS Limited.
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