Sos Limited Stock Price, News & Analysis

SOS Limited (NYSE: SOS) announced the successful completion of initial steps in its blockchain strategy, developing advanced security systems, all registered with the PRC Copyright Protection Center. The company holds nearly 100 software copyrights and four certifications related to cloud computing and blockchain. A new subsidiary, Qingdao SOS Digital Technologies Inc., focuses on cryptocurrency and blockchain-based insurance research. Management plans to invest 15% of revenue into R&D, expecting over 10% annual growth in the budget for the next five years.

SOS Limited (NYSE: SOS) announced its acquisition of 14,238 BTC mining rigs with an estimated BTC Hash Power of 527P and 1,408 ETH mining rigs with Hash Power of approximately 1056G, totaling around US$20 million. This strategic move aims to enhance its cloud cryptocurrency mining operations amid rising cryptocurrency prices. The rigs are projected to generate approximately 3.5 BTC and 63 ETH daily, equating to roughly US$206,551 in daily revenue. Shipments will occur in three phases from February to April 2021.

SOS Limited (NYSE: SOS) announced a non-binding letter of intent to acquire FXK Tech Corporation, a Canadian blockchain technology provider. This acquisition aims to enhance SOS's cryptocurrency ecosystem and expand its operations into North America. The deal involves acquiring 100% of FXK for cash and Class A shares. Completion is subject to due diligence, board approval, and NYSE listing. The acquisition aligns with SOS's strategy to grow in cryptocurrency mining and security.

SOS Limited (NYSE: SOS) has announced that accredited investors will exercise warrants to purchase up to 16,125,000 ADSs at prices of $1.55 and $1.85 per ADS. This exercise is expected to generate approximately $26.6 million before expenses. Additionally, the investors will receive new unregistered warrants to purchase up to 25,800,000 ADSs at an exercise price of $2.00 per ADS, with a five-year exercise term. The proceeds will be used to support SOS's blockchain-based cryptocurrency mining and security initiatives, as well as general corporate purposes.

SOS Limited (NYSE: SOS) announced a strategic shift towards crypto mining on January 13, 2021. The company plans to invest significantly in this sector, focusing on mainstream cryptocurrencies like Bitcoin. Dr. Huazhong (Eric) Yan will lead the initiative, targeting regions with lower energy costs for mining operations. SOS aims to establish a series of cloud-based mining sites and provide related services, including DeFi and insurance for cryptocurrencies. Chairman Yandai Wang emphasized that this venture could drive substantial growth for the company.

SOS Limited (NYSE: SOS) announced a registered direct offering of approximately $25 million in American Depositary Shares (ADS) and warrants. The company will sell 13,525,000 ADSs at a price of $1.85 each, with corresponding warrants exercisable immediately. The offering is expected to close around January 12, 2021, and proceeds will be used for developing blockchain-based security technology and general corporate purposes. Maxim Group LLC is acting as the sole placement agent for this offering.

SOS Limited (NYSE: SOS) announced an employment agreement with Dr. Eric H. Yan, an expert in cryptocurrency mining and security technologies. Dr. Yan will lead SOS's new subsidiary, SOS Digital Technologies Inc., focused on applying blockchain-based security for digital assets. With seven patents in related technologies, Dr. Yan aims to establish the first digital assets insurance company and cryptocurrency bank, addressing a critical gap in the market where 20% of cryptocurrencies are lost annually. SOS continues to innovate in big data, cloud computing, and blockchain solutions.

SOS Limited (NYSE: SOS) announced a strategic partnership with Zhonglu Property and Casualty Insurance to enhance big data marketing and insurance product promotion. The collaboration aims to leverage both companies' resources, projecting to add 10-20 million members over the next five years, with an estimated sales increase of RMB 5.1 billion for each party. SOS, with a membership base of 20 million, utilizes advanced technologies including blockchain, AI, and big data analytics to transform emergency services marketing.

SOS Limited (NYSE: SOS) announced a registered direct offering to sell $4,030,000 of American Depositary Shares (ADS) and warrants. The agreement includes 2,600,000 ADSs and corresponding warrants, priced at $1.55 each, with the warrants exercisable immediately and expiring in five years. The offering, with proceeds expected to close on December 24, 2020, will be conducted under a previously effective shelf registration statement. Maxim Group LLC is the sole placement agent for this transaction.