SOS Announces Receipt of NYSE Non-compliance Letter Regarding ADS Trading Price

Rhea-AI Summary

SOS Limited (NYSE: SOS) received a letter from the NYSE on January 14, 2022, indicating non-compliance due to its American depositary shares (ADSs) trading below $1.00 for 30 consecutive trading days. The company has six months to regain compliance by achieving a closing price of at least $1.00. The notice does not immediately impact the trading of SOS's ADSs, which will continue to be listed on the NYSE during the cure period. SOS offers blockchain-based marketing solutions and operates in various sectors including emergency services.

Positive

• SOS continues to be listed on the NYSE, allowing it to address the compliance issue during the cure period.
• SOS has a significant membership base of approximately 20 million in China, emphasizing its market reach.

Negative

• SOS's share price has fallen below $1.00, triggering the non-compliance notice from the NYSE.
• Failure to regain compliance could result in suspension and delisting from the NYSE.

QINGDAO, China, Feb. 11, 2022 /PRNewswire/ -- SOS Limited (NYSE: SOS) (the "Company" or "SOS") today announced the Company has received a letter from the New York Stock Exchange (the "NYSE") dated January 14, 2022, notifying SOS that it is below compliance standards due to the trading price of SOS's American depositary shares (the "ADSs").

Pursuant to NYSE rule 802.01C, a company will be considered to be below compliance standards if the average closing price of a security as reported on the consolidated tape is less than $1.00 over a consecutive 30 trading-day period. Once notified, the company must bring its share price and average share price back above $1.00 by six months following receipt of the notification. The company can regain compliance at any time during the six-month cure period if on the last trading day of any calendar month during the cure period the company has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month. In the event that at the expiration of the six-month cure period, both a $1.00 closing share price on the last trading day of the cure period and a $1.00 average closing share price over the 30 trading-day period ending on the last trading day of the cure period are not attained, the NYSE will commence suspension and delisting procedures.

The notice has no immediate impact on the listing of the Company's ADSs, which will continue to be listed and traded on the NYSE during the cure period subject to continued compliance with the other listing requirements of the NYSE.

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 supercomputing operations, and may expand into cryptocurrency security and insurance in the future. Since April 2021, SOS launched commodity trading via our subsidiary SOS International Trading Co. Ltd. The core infrastructure of SOS' 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 on SOS, please visit http://www.sosyun.com/  

Safe Harbor Statement

This press release contains forward-looking statements made under the "safe harbor" provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident," "optimistic" and similar statements. SOS may also make written or oral forward-looking statements in its reports filed with or furnished to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about SOS's beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but not limited to the following: local government's policies and regulatory oversight of crypto currency mining operation and SOS's other operations; SOS's blockchain and supercomputing, commodity trading and marketing solutions businesses are still under development, with many uncertainties in the future direction and integration of these various business segments; failure to manage the newly launched commodities trading business effectively; loss of key customers in the commodity trading business; failure to access a large quantity of power at reasonable costs could significantly increase SOS operating expenses and adversely affect demands for SOS's mining activities; any significant or prolonged failure in the data warehouse facilities and data mining facilities that SOS operates or services it provides, including events beyond its control, would lead to significant costs and disruptions and would reduce the attractiveness of its facilities, harm its business reputation and have a material adverse effect on its results of operation; security breaches or alleged security breaches of our data warehouses could disrupt SOS operations and have a material adverse effect on its business, financial condition and results of operation; uncertainty in global supply chain and international shipping. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is current as of the date of the press release, and SOS does not undertake any obligation to update such information, except as required under applicable law.

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SOURCE SOS Limited

FAQ

What did SOS Limited announce on February 11, 2022?

SOS Limited announced it received a non-compliance letter from the NYSE regarding its ADS trading price.

What is the NYSE non-compliance issue related to SOS Limited?

SOS's ADSs have been trading below the $1.00 compliance requirement for 30 consecutive trading days.

What is the deadline for SOS Limited to regain compliance with the NYSE?

SOS has six months from January 14, 2022, to bring its share price above $1.00.

What could happen if SOS Limited fails to comply with NYSE standards?

If SOS does not achieve compliance, the NYSE may commence suspension and delisting procedures.

How many members does SOS Limited have in China?

SOS Limited has approximately 20 million members in China.