Benzinga | Feb 18, 2021 08:46AM EST

SOS Prices 8.6M Unit Registered Direct Offering At $10/Unit

QINGDAO, China, Feb. 18, 2021 /PRNewswire/ -- SOS Limited (NYSE:SOS) (the "Company" or "SOS"), an emerging blockchain-based and big data-driven marketing solution provider announced today that it has entered into a securities purchase agreement with certain accredited investors to purchase $86,000,000 worth of its American Depositary Shares ("ADS") and warrants in a registered direct offering priced at-the-market under the NYSE rules.

Under the terms of the securities purchase agreement, the Company has agreed to sell 8,600,000 ADSs and warrants to purchase 4,300,000 ADS. The warrants will be exercisable immediately upon the date of issuance and have an exercise price of $10.00. The warrants will expire five years from the date of issuance. The purchase price for one ADS and one corresponding warrant will be $10.00. The gross proceeds to the Company from the registered direct offering are estimated to be $86,000,000 before deducting the placement agent's fees and other estimated offering expenses. The registered direct offering is expected to close on or about February 22, 2021, subject to the satisfaction of customary closing conditions.