Welcome to our dedicated page for Sos news (Ticker: SOS), a resource for investors and traders seeking the latest updates and insights on Sos stock.
SOS Limited (SOS) generates news across several intersecting themes: commodity trading performance, cryptocurrency operations, digital infrastructure projects, capital markets activity and blockchain-based services. Company announcements describe a business that combines commodity trading in products such as mineral resin, soy bean, wheat, sesame, liquid sulfur, petrol coke, latex, rubber, coal, mung bean and asphalt with cryptocurrency mining, hosting services and blockchain-driven marketing and emergency-rescue solutions.
Recent news releases highlight SOS’s strategic pivot toward digital infrastructure, including the development of a Tier III modular data center at Longfellow Ranch in Fort Stockton, Texas. The company frames this project as part of a transition from traditional cryptocurrency mining to a broader role as a digital-infrastructure provider, with modular, prefabricated data-center capacity aimed at AI, cloud and enterprise hosting demand.
Financial results are another key news category. Semi-annual and annual updates detail the revenue mix across commodity trading, hosting services, cryptocurrency mining and other segments, emphasizing the growing contribution of commodity trading and the evolving role of mining and hosting. These releases often discuss operating costs, gross margins and cash-flow dynamics, including prepayments related to a proprietary blockchain commodity trading platform.
SOS news also covers capital-raising transactions and share-structure changes, such as registered direct offerings of American Depositary Shares, concurrent private placements of warrants, ADS ratio changes, and the termination of the deposit agreement that governs its ADS program. In addition, the company reports on strategic initiatives like its Bitcoin investment plan and a framework agreement with Lepu Sodium Power to optimize electricity use for computing and data centers.
Investors and observers can use the SOS news feed to follow developments in its commodity trading operations, cryptocurrency mining and hosting strategy, digital-infrastructure build-out, blockchain-based marketing services and corporate actions affecting its securities.
SOS Limited (NYSE: SOS) announced the receipt of 5,464 cryptocurrency mining rigs, which are expected to generate approximately 177 PH/s for Bitcoin and 356 GH/s for Ethereum mining. In Q1 2021, the company generated 42 Bitcoins and 916 ETH, exceeding initial projections. Chairman Yandai Wang expressed confidence in the bullish trend for cryptocurrencies and plans for growth in U.S. mining operations. However, investors are cautioned that mining results alone should not dictate reliance on the company's overall financial performance, as cryptocurrency valuations are volatile and regulatory uncertainties exist.
SOS Limited (NYSE: SOS) announced a non-binding letter of intent (LOI) to acquire over 51% of three US-based power plants for its crypto-mining operations. The plants include a 24 MW recycling power plant in Stacyville, ME, a 9 MW hydropower plant in Niagara, WI, and a 20 MW natural gas plant in Park Falls, WI. This acquisition marks SOS's entry into the US market, aiming to create job opportunities and enhance its cryptocurrency infrastructure. Completion of the deal is contingent on due diligence, board approval, and other customary closing conditions.
SOS Limited (NYSE: SOS) announced a registered direct offering of $125 million through the sale of 25 million American Depositary Shares (ADS) and corresponding warrants. Each ADS and warrant is priced at $5.00, with warrants exercisable immediately and expiring in five years. The proceeds from this offering will be allocated to develop its cloud cryptocurrency mining and security business along with general corporate use. The offering is set to close around April 1, 2021, pending customary conditions.
SOS Limited (NYSE: SOS) has announced a joint venture with Qingdao Ronghe Finance Holding Group to create SOS Ronghe Digital Technology Co., Ltd., aimed at establishing a supercomputing center in Qingdao. The joint venture will have a registered capital of approximately $9,174,000, with SOS contributing 51% and Ronghe 49%. This center will focus on cloud computing, high-performance computing, and blockchain technologies. The CEO emphasizes this as a key infrastructure investment to drive growth in blockchain and big data.
SOS Limited (NYSE: SOS) announced on March 24, 2021, that it is taking preliminary steps to establish a digital asset exchange. The company has secured a license to utilize blockchain asset exchange software from a third party, with expectations of operational implementation soon. This move is part of SOS's strategy to enhance its blockchain and cryptocurrency services, which will also include security and insurance for digital assets. The CEO emphasized the importance of this exchange in achieving their goals in Decentralized Finance (DeFi).
SOS Limited (NYSE: SOS) announced the installation of its second fleet of 5,000 cryptocurrency mining rigs, joining the initial fleet for a total capacity of 353 Peta-Hashes per second for Bitcoin and 707 Giga-Hashes for Ether. The company has successfully mined its first Bitcoin and anticipates generating at least 41 Bitcoins and 909 ETH in Q1 2021. An independent review has confirmed the company's control over mining outcomes. However, uncertainties remain regarding cryptocurrency regulations, mining costs, and operational risks.
SOS Limited (NYSE: SOS) has issued responses to frequently asked questions from shareholders to enhance communication and investor relations. The company's primary offerings include data mining services and marketing solutions for insurance and healthcare sectors in China. Recently, SOS has ventured into cryptocurrency mining, acquiring over 15,000 used mining rigs through a confidential seller based in Shenzhen. However, the company has decided not to pursue a previously announced acquisition of FXK Tech Corporation due to various board considerations.
SOS Limited (NYSE: SOS) has recently faced attacks from short sellers, who have made misleading and unsubstantiated claims against the Company. SOS contends these attacks aim to manipulate share prices for the benefit of short sellers. The Company is committed to defending its integrity and plans to enhance its investor relations capabilities. SOS is preparing a detailed response to these allegations and encourages inquiries regarding this situation. The Company emphasizes its dedication to transparency and ethical business practices.
SOS Limited (NYSE: SOS) has entered a three-year agreement with Leibodong Hydropower Station for leasing space to host crypto mining rigs in Luzhou, Sichuan. The deal covers approximately 1,350 square meters, accommodating around 3,500 mining rigs, at a rental cost of RMB 3.50 (about $0.54) per square meter per month. SOS aims to utilize cost-effective electricity and enhance its cloud crypto mining operations, emphasizing sustainable energy resources. This partnership aligns with SOS's expansion plans into cryptocurrency and big data solutions.
SOS Limited (NYSE: SOS) announced that accredited investors exercised warrants to purchase up to 23,880,000 American Depositary Shares (ADSs) at $4.05 each, expected to yield approximately $96.7 million in gross proceeds. These proceeds will support SOS's cloud cryptocurrency mining, security, and insurance business, as well as general corporate purposes. Additionally, new unregistered warrants for the purchase of up to 23,880,000 ADSs at $7.00 each will be issued, valid for five years. The offering was made under regulations exempting it from SEC registration.