SOS Ltd – ADR (NYSE: SOS) shares are trading lower after the company announced an offering of 51.5 million ADSs at $1.75 per ADS.
The gross proceeds to SOS from the registered direct offering are estimated to be $90.1 million before deducting the placement agent’s fees and other estimated offering expenses.
SOS says the registered direct offering is expected to close on or about November 12, 2021, subject to the satisfaction of customary closing conditions.
SOS intends to use the proceeds from the offering to develop its business in North America as well as for working capital and general corporate use.
SOS is an emerging blockchain-based and big data-driven marketing solution provider.
SOS has a 52-week high of $15.88 and a 52-week low of $1.21.
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