SOS Limited American Depositary Shares, one hundred and fifty (150) - SOS STOCK NEWS

SOS (NYSE: SOS) announced plans to change its American Depositary Shares (ADS) ratio from 1:10 to 1:150 Class A ordinary shares, effective around November 19, 2024. This change will function as a one-for-fifteen reverse ADS split. ADS holders in The Depository Trust Company and Direct Registration System will have their ADSs automatically exchanged, with fractional shares being sold and proceeds distributed to holders. The company's Class A ordinary shares remain unchanged, and SOS will continue trading on NYSE under the symbol 'SOS'. While the ADS price is expected to increase proportionally, the company provides no guarantees.

SOS reported its semi-annual financial results for the six months ended June 30, 2024. Net revenue increased by 47.1% to $60.5 million, primarily due to higher sales of natural rubber. The company's revenue breakdown was: 91.7% from Commodities Trading, 7.8% from Hosting Services, and 0.5% from Others. Gross profit ratio improved from 0.2% to 4.0%. However, GAAP net loss increased slightly to $10.9 million from $10.7 million in the same period last year. Operating costs rose by 39.3% to $58.1 million, while general and administrative expenses increased by 54.3% to $14.5 million. The company's cash and cash equivalents stood at $246.7 million, a decrease of $3.2 million from the previous year. SOS raised $24.79 million through share issuance during the period.

SOS (NYSE: SOS) has received a non-compliance letter from the New York Stock Exchange (NYSE) due to the trading price of its American depositary shares (ADSs) falling below $1.00 over a consecutive 30 trading-day period. The company has a six-month cure period to bring its share price and average share price back above $1.00 to regain compliance.

SOS can regain compliance if, on the last trading day of any calendar month during the cure period, it has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the preceding 30 trading days. If compliance is not achieved by the end of the cure period, the NYSE may initiate suspension and delisting procedures. The notice does not immediately impact the listing of SOS's ADSs on the NYSE.

SOS (NYSE: SOS) reported significant changes in its financial performance for the year ending December 31, 2023. Revenue decreased from $260 million in 2022 to $92.4 million in 2023, driven by a recession in China's economy. However, cryptocurrency mining revenue surged from $0.33 million to $18.9 million due to a substantial increase in BTC prices. Operating loss narrowed to $4.8 million from $215 million in the previous year. Operating expenses decreased from $204 million to $18.9 million, primarily due to reduced G&A expenses and impairments. Cash and cash equivalents increased to $280 million. Despite a decline in commodity trading revenue, SOS saw improved cash flows, turning a $72.9 million deficit in 2022 to a positive $9.7 million in 2023.

SOS Limited (SOS) announced a securities purchase agreement to raise $7.85 million through the sale of American Depositary Shares (ADS) and warrants in a public offering. The offering includes 5,233,332 ADSs and warrants to purchase 10,466,664 ADSs with an exercise price of $1.50. The gross proceeds are estimated at $7.85 million before expenses, with the offering expected to close soon.

SOS Limited (SOS) provides an update on its North American Super-Computing Centers, showcasing impressive mining outputs and hosting revenues. With a total of 29.434 BTC mined and $5 million in hosting revenues, SOS demonstrates strong operational performance in 2024.

SOS (NYSE: SOS) has announced the launch of 1,500 super-computing mining rigs in its Fort Stockton Texas Super-Computing Center, marking a significant step in its North American growth strategy. The company has entered into a hosting contract with Grand Flourish Inc. for the servers, showcasing its steady implementation of mining and hosting business in North America over the past two years. With the Texas Super-Computing Center capable of producing 42MW of power and potential capacity for 200MW, and the Wisconsin Super-Computing Center expected to reach a total power capacity of 25MW, SOS is currently operating at a total hash rate of 1.35 Exahash (EH/s) in North America.

SOS Limited reports 2023 Interim financial results. Revenues decline due to economic slowdown and disposal of legacy business. GAAP net loss narrows to $11.0 million. U.S. Hosting Service sees growth. Cash balance slightly increased to $249.9 million.

SOS Limited has launched over 5,000 mining rigs and entered into a Hosting Agreement with BITMAIN. CEO expects monthly revenues of more than $1 million.