SOS Limited (SOS) Prices 22M ADS Registered Direct Offering at $5/ADS

February 12, 2021 6:12 AM EST

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SOS Limited (NYSE: SOS), a high-tech company providing a wide range of data mining and marketing analysis services to its corporate and individual members in China, announced today that it has entered into a securities purchase agreement with certain accredited investors to purchase $110,000,000 worth of its American Depositary Shares ("ADS") and warrants in a registered direct offering.

Under the terms of the securities purchase agreement, the Company has agreed to sell 22,000,000 million ADSs and warrants to purchase 16,500,000 million ADS. The warrants will be exercisable immediately upon the date of issuance and have an exercise price of $5.00. The warrants will expire five years from the date of issuance. The purchase price for one ADS and one corresponding warrant will be $5.00. The determination of the purchase price was based on the average of the Company's closing stock price over the past five trading days. The gross proceeds to the Company from the registered direct offering are estimated to be $110,000,000 before deducting the placement agent's fees and other estimated offering expenses. The registered direct offering is expected to close on or about February 17, 2021, subject to the satisfaction of customary closing conditions.

The Company intends to use the proceeds from the offering to develop its planned blockchain-based security and insurance technology 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.

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