SOS Limited Announces Planned ADS Ratio Change
NEW YORK, June 6, 2023 /PRNewswire/ -- SOS Limited ("SOS" or the "Company") (NYSE: SOS) today announced that it plans to change the ratio of its American depositary shares ("ADSs") from one (1) ADS representing five hundred (500) Class A ordinary shares to one (1) ADS representing ten (10) Class A ordinary shares (the "ADS Ratio Change").
The ADS Ratio Change is expected to take place at the open of trading on June 16, 2023 (U.S. Eastern Time) (the "Effective Date") and is being effected simultaneously with the one-for-fifty share consolidation of the Company's Class A ordinary shares, par value US$0.005 each (the "Share Consolidation"), which was approved at the Company's annual general meeting of shareholders held on May 1, 2023. The planned simultaneous Share Consolidation and ADS Ratio Change will not affect the number of the Company's ADSs outstanding or the ADS trading price on the New York Stock Exchange (the "NYSE"). ADS holders of record on the Effective Date will not need to surrender their ADSs to the depositary bank for cancellation or exchange in connection with the ADS Ratio Change. After the ADS Ratio Change, SOS's ADSs will continue to be traded on the NYSE under the symbol "SOS".
About SOS Limited
SOS is an emerging blockchain-based and big data-driven marketing solution provider, with a nationwide membership base of approximately 20 million in China. SOS is also engaged in blockchain and cryptocurrency operations, which currently include cryptocurrency mining and maybe expand into cryptocurrency security and insurance in the future. Since April 2021, we launched commodity trading via our subsidiary SOS International Trading Co. Ltd. The core infrastructure of SOS's marketing data, technology and solutions to insurance and emergency rescue services is built on big data, blockchain-based technology, cloud computing, AI, satellite, and 5G network, etc. SOS has created a cloud "software as a service (SaaS)" platform for emergency rescue services, with three major product categories: basic cloud, cooperative cloud, and information cloud. This system provides innovative marketing solutions to clients such as insurance companies, financial institutions, medical institutions, healthcare providers, auto manufacturers, security providers, senior living assistance providers, and other service providers in the emergency rescue services industry. For more information, please visit: http://www.sosyun.com/.
Forward-Looking Statements
Certain statements in this press release may constitute "forward-looking statements" within the meaning of the federal securities laws, including, but not limited to, our expectations for future financial performance, business strategies or expectations for our business. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of performance. SOS cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Words such as "may," "can," "should," "will," "estimate," "plan," "project," "forecast," "intend," "expect," "anticipate," "believe," "seek," "target," "look" or similar expressions may identify forward-looking statements. These forward-looking statements are based on information available as of the date of this press release and our management's current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but not are limited to, the risk factors described by SOS in its filings with the Securities and Exchange Commission ("SEC"). Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and you should not place undue reliance on these forward-looking statements in deciding whether to invest in our securities. We do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
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SOURCE SOS Ltd.
