SOS Limited American Depositary Shares, each representing ten (10) - SOS STOCK NEWS

SOS Limited (NYSE: SOS) announced the launch of its Super-Computing and Hosting Center in Fort Stockton, Texas, on March 21, 2023. Phase 1 of the facility currently operates at 10MW with plans to expand to 20MW, hosting around 1,400 servers. The company aims to increase the number of mobile data containers to 42 shortly. Phase 2, expected to be completed later this year, will take total capacity to 50MW. This development reflects SOS's strategy to enhance its North America operations, complementing its existing facility in Wisconsin.

SOS Limited (SOS) reported a net revenue of $132.7 million for the six months ended June 30, 2022, a decline of 28.1% year-over-year, mainly due to COVID-19 lockdowns in China impacting business activities. Despite this revenue drop, the company increased its cash balance to $247.4 million from $185.5 million. The gross profit decreased to $12.4 million, maintaining a steady gross profit ratio of 9.3%. Although the operating loss shrank to $14.3 million from $20.4 million, the company faces challenges in expanding its cryptocurrency mining operations in the U.S.

SOS Limited (NYSE: SOS) has announced it has regained compliance with the NYSE's minimum share price requirement after being notified on July 14, 2022. The company previously received a non-compliance letter due to its average closing price being below $1.00. To rectify this, SOS adjusted the ratio of its American Depositary Shares (ADSs) from one ADS for ten Class A ordinary shares to one ADS for 500 shares, effective July 6, 2022. The average closing price for the 30 days leading up to July 14 was confirmed to be above the compliance threshold.

SOS Limited (NYSE: SOS) announced the launch of the second batch of mobile smart containers, completing phase I of its Super-Computing and Hosting Center in Wisconsin. A total of 16 mobile containers will be operational in phase II, with 4 expected to be online in July 2022. The company hosted a well-attended open house event on June 27, showcasing its capabilities. CEO Yandai Wang expressed optimism about the opportunities presented by the mobile smart containers. The firm leverages AI and blockchain technologies to provide digital solutions across various sectors.

SOS Limited (NYSE: SOS) announced a change in the ratio of its American depositary shares (ADSs) from one ADS representing ten Class A ordinary shares to one ADS representing five hundred Class A ordinary shares, effective July 6, 2022.

This change will not impact the Class A ordinary shares directly. Holders of ADS will need to surrender their shares for cancellation and exchange. Fractional ADSs will not be issued; instead, they will be aggregated and sold, with proceeds distributed to shareholders. While the ADS price is expected to rise proportionally, no guarantee of price equality post-ratio change is provided.

SOS Limited (NYSE: SOS) announced the launch of its Hosting Business at its Super-Computer & Hosting Center in Wisconsin on May 10, 2022. The company has signed agreements for over 21,000 mining rigs and has deployed 680 client-hosted servers. CEO Yandai Wang emphasized the importance of this launch for expanding North American operations and increasing local job opportunities. SOS has initiated the deployment of 700 mining rigs and aims to secure more power supply for further expansion. An Open House Day is scheduled for June 27, 2022, to showcase the new facility.

SOS Limited (SOS) reported a remarkable 612% revenue increase to $357.8 million for the fiscal year ending December 31, 2021. Gross profit rose 62.1% to $21.1 million. The substantial growth was attributed to the expansion into crypto-mining and commodity trading, with commodity trading revenue at $275.4 million, accounting for 77% of total sales. However, the GAAP net loss reached $43.9 million, amid rising operating costs of $336.8 million and a declining gross margin.

The company has shifted its mining operations from China to the U.S., launching a facility in Wisconsin.

SOS Limited (NYSE: SOS) has launched its Super-Computing and Hosting Center in Wisconsin, marking a significant development for the company. The facility, managed through a joint venture, currently has a power supply of 25 MW, aiming to increase it to 37 MW. Phase I includes a 5 MW capacity, hosting 4 mobile smart containers, and is expected to expand to accommodate 10,000 servers. Phase II plans to introduce a cryptocurrency mining center with an additional 12 MW. CEO Yandai Wang emphasizes this launch as a strategic transformation aimed at sustainable growth and shareholder value.

SOS Limited (NYSE: SOS) announced a registered direct offering of approximately $20 million worth of American Depositary Shares (ADS) at a price of $0.56 per ADS, which represents a total of 35,750,000 ADSs. The offering is expected to close around April 4, 2022. Funds will be used to enhance business operations in North America and for general corporate purposes. The exercise price of previously issued purchase warrants will also be reduced to $0.56 per share, effective at closing.