Benzinga | Feb 18, 2021 10:57AM EST

SOS Continues To Raise Capital Via Share Sale For Cryptocurrency Mining, Shares Drop

* SOS Limited (NYSE: SOS) priced 8.6 million shares at $10 per share to raise $86 million in a secondary offering. The offer price signifies a 21.9% discount to the Wednesday closing price.

* The offering proceeds will be utilized to develop its recently launched cloud cryptocurrency mining and cryptocurrency security and insurance business, working capital, and general corporate requirements.

* Maxim Group LLC is the placement agent for the offering.

* Last week the company raised $110 million in another equity sale.

* Price action: SOS shares were down 14.1% at $10.99 on the last check Thursday.