SOS Limited reports developments across commodity trading, cryptocurrency mining and hosting, and newer digital-infrastructure initiatives. The company's commodity trading services are delivered primarily through subsidiaries in China, while its cryptocurrency mining and hosting operations are managed through U.S. subsidiaries.
Recurring news includes semiannual and annual financial results, revenue-source updates, liquidity commentary, digital-asset holdings, and corporate actions affecting its ADS and ordinary-share structure. Company announcements also cover the SosBot 1.0 enterprise AI agent platform, modular data-center development at Longfellow Ranch in Texas, and energy or infrastructure arrangements tied to computing and data-center operations.
SOS Limited (NYSE: SOS) announced a change in the ratio of its American depositary shares (ADSs) from one ADS representing ten Class A ordinary shares to one ADS representing five hundred Class A ordinary shares, effective July 6, 2022.
This change will not impact the Class A ordinary shares directly. Holders of ADS will need to surrender their shares for cancellation and exchange. Fractional ADSs will not be issued; instead, they will be aggregated and sold, with proceeds distributed to shareholders. While the ADS price is expected to rise proportionally, no guarantee of price equality post-ratio change is provided.
SOS Limited (NYSE: SOS) announced the launch of its Hosting Business at its Super-Computer & Hosting Center in Wisconsin on May 10, 2022. The company has signed agreements for over 21,000 mining rigs and has deployed 680 client-hosted servers. CEO Yandai Wang emphasized the importance of this launch for expanding North American operations and increasing local job opportunities. SOS has initiated the deployment of 700 mining rigs and aims to secure more power supply for further expansion. An Open House Day is scheduled for June 27, 2022, to showcase the new facility.
SOS Limited (SOS) reported a remarkable 612% revenue increase to $357.8 million for the fiscal year ending December 31, 2021. Gross profit rose 62.1% to $21.1 million. The substantial growth was attributed to the expansion into crypto-mining and commodity trading, with commodity trading revenue at $275.4 million, accounting for 77% of total sales. However, the GAAP net loss reached $43.9 million, amid rising operating costs of $336.8 million and a declining gross margin.
The company has shifted its mining operations from China to the U.S., launching a facility in Wisconsin.
SOS Limited (NYSE: SOS) has launched its Super-Computing and Hosting Center in Wisconsin, marking a significant development for the company. The facility, managed through a joint venture, currently has a power supply of 25 MW, aiming to increase it to 37 MW. Phase I includes a 5 MW capacity, hosting 4 mobile smart containers, and is expected to expand to accommodate 10,000 servers. Phase II plans to introduce a cryptocurrency mining center with an additional 12 MW. CEO Yandai Wang emphasizes this launch as a strategic transformation aimed at sustainable growth and shareholder value.
SOS Limited (NYSE: SOS) announced a registered direct offering of approximately $20 million worth of American Depositary Shares (ADS) at a price of $0.56 per ADS, which represents a total of 35,750,000 ADSs. The offering is expected to close around April 4, 2022. Funds will be used to enhance business operations in North America and for general corporate purposes. The exercise price of previously issued purchase warrants will also be reduced to $0.56 per share, effective at closing.
SOS Limited (NYSE: SOS) received a letter from the NYSE on January 14, 2022, indicating non-compliance due to its American depositary shares (ADSs) trading below $1.00 for 30 consecutive trading days. The company has six months to regain compliance by achieving a closing price of at least $1.00. The notice does not immediately impact the trading of SOS's ADSs, which will continue to be listed on the NYSE during the cure period. SOS offers blockchain-based marketing solutions and operates in various sectors including emergency services.
SOS Limited has announced a registered direct offering of approximately $90.1 million, selling 51.5 million American Depositary Shares (ADS) at $1.75 per share. Closing is anticipated around November 12, 2021. The funds will be utilized for business expansion in North America and general corporate purposes. Additionally, the company will reduce the exercise price of certain purchase warrants to $1.75. Maxim Group LLC serves as the sole placement agent for this offering.
SOS Limited (NYSE: SOS) announced progress on its North American supercomputing and hosting center in Wisconsin, aimed at enhancing its blockchain technology ecosystem. The center will have a total capacity of 50MW, powered by renewable sources, and is projected to achieve 1,000 PH BTC hash power. The first phase will utilize 20MW, having 6 out of 17 mobile smart data center units on-site, with the remainder arriving by December 2021. CEO Yandai Wang expressed optimism for launching services in early 2022.
SOS Limited (NYSE: SOS) has officially announced the lease of its North American headquarters located at 866 2nd Ave, New York, NY. This facility will support the company's business development and blockchain R&D efforts in North America. CEO Yandai Wang emphasized SOS's commitment to expanding its blockchain technology operations outside of mainland China. The company has been actively increasing its global presence, and this new office marks a significant step in its growth strategy.
On September 10, 2021, SOS Limited (NYSE: SOS) reported significant financial results for the six months ended June 30, 2021. Net revenue soared to $184.5 million, a staggering 17-fold increase compared to the same period in 2020. Gross profit rose sharply to $17.2 million, reflecting improved operational efficiency with a gross margin of 9.3%. Despite these gains, the company reported a GAAP net loss of $20.4 million, exacerbated by increased expenses related to legal matters and share-based compensation. Cash and cash equivalents reached $185.5 million, bolstered by financing activities.