SOS Limited Shares Drop 29% After Direct Offering Prices

Time:2022-01-02 Source: 1041 views Trending Copy share

By Chris Wack

SOS Limited shares fell 29% to $1.50 after the company said it agreed with certain accredited investors to purchase $90.1 million worth of its American Depositary Shares in a registered direct offering.

The company said would sell 51.5 million ADSs at $1.75 an ADS.

It also agreed to voluntarily reduce the exercise price of the ADS purchase warrants issued Feb. 17, Feb. 22, March 1, and April 1 to $1.75 a share, effective on the closing date of the offering.

The offering is expected to close on or about Friday.

SOS said it intends to use the proceeds to develop its business in North America, as well as for working capital and general corporate use.

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