SOS Limited prices $7.85M public offering

SOS Limited announced that it has entered into a securities purchase agreement with certain accredited investors to purchase approximately $7.85 million worth of its American Depositary Shares and warrants in a public offering. Under the terms of the securities purchase agreement, the Company has agreed to sell 5,233,332 ADSs and warrants to purchase 10,466,664 ADSs. The warrants will be exercisable immediately upon the date of issuance and have an exercise price of $1.50. The warrants will expire five years from the date of issuance. The purchase price for one ADS and one corresponding warrant will be $1.50. The gross proceeds to the Company from the follow-on offering are estimated to be $7.85 million before deducting the placement agent’s fees and other estimated offering expenses. The public offering is expected to close on or about March 15, 2024, 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.