SOS Limited Announces Planned ADS Ratio Change
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 (NYSE: SOS) ha annunciato piani per modificare il rapporto delle sue Azioni Depositarie Americane (ADS) da 1:10 a 1:150 azioni ordinarie di Classe A, con effetto intorno al 19 novembre 2024. Questa modifica funzionerà come uno scambio inverso di ADS in un rapporto di uno a quindici. I possessori di ADS nella Depository Trust Company e nel Sistema di Registrazione Diretta avranno i loro ADS automaticamente scambiati, con le azioni frazionarie vendute e i proventi distribuiti agli azionisti. Le azioni ordinarie di Classe A dell'azienda rimangono invariate, e SOS continuerà a essere quotata in Borsa NYSE con il simbolo 'SOS'. Anche se ci si aspetta che il prezzo delle ADS aumenti proporzionalmente, l'azienda non fornisce garanzie.
SOS (NYSE: SOS) anunció planes para cambiar su ratio de Acciones de Depósito Americano (ADS) de 1:10 a 1:150 acciones ordinarias de Clase A, efectivo alrededor del 19 de noviembre de 2024. Este cambio funcionará como una división inversa de ADS en una proporción de uno por quince. Los tenedores de ADS en The Depository Trust Company y el Sistema de Registro Directo tendrán sus ADS automáticamente intercambiados, con acciones fraccionarias vendidas y las ganancias distribuidas a los tenedores. Las acciones ordinarias de Clase A de la compañía permanecerán sin cambios, y SOS seguirá cotizando en NYSE bajo el símbolo 'SOS'. Aunque se espera que el precio de las ADS aumente proporcionalmente, la compañía no ofrece garantías.
SOS (NYSE: SOS)는 2024년 11월 19일경부터 자사의 미국 예탁주식(ADS) 비율을 1:10에서 1:150 클래스 A 보통주로 변경할 계획을 발표했습니다. 이 변경은 15주를 1주로 환전하는 ADS 역 분할로 작용할 것입니다. ADS 보유자는 예탁 신탁 회사(Depository Trust Company)와 직권 등록 시스템(Direct Registration System)에서 자동으로 ADS가 교환되며, 분할 주식은 매각되어 수익이 보유자에게 분배됩니다. 회사의 클래스 A 보통주는 변경되지 않으며, SOS는 여전히 NYSE에서 'SOS' 기호로 거래됩니다. ADS 가격이 비례적으로 상승할 것으로 예상되지만, 회사는 보장을 제공하지 않습니다.
SOS (NYSE: SOS) a annoncé des projets de modification de son ratio d'Actions Déposées Américaines (ADS) de 1:10 à 1:150 actions ordinaires de Classe A, effectif aux alentours du 19 novembre 2024. Ce changement fonctionnera comme un regroupement inversé d'ADS dans un rapport d'un pour quinze. Les détenteurs d'ADS au sein de la Depository Trust Company et du Système d'Inscription Directe verront leurs ADS échangées automatiquement, avec des actions fractionnaires vendues et les bénéfices répartis entre les détenteurs. Les actions ordinaires de Classe A de l'entreprise restent inchangées, et SOS continuera d'être cotée à la NYSE sous le symbole 'SOS'. Bien que le prix des ADS devrait augmenter proportionnellement, l'entreprise ne fournit aucune garantie.
SOS (NYSE: SOS) gab Pläne bekannt, das Verhältnis seiner American Depositary Shares (ADS) von 1:10 auf 1:150 Stammaktien der Klasse A zu ändern, die voraussichtlich am 19. November 2024 wirksam werden. Diese Änderung wird als umgekehrter ADS-Aktiensplit im Verhältnis eins zu fünfzehn fungieren. ADS-Inhaber bei der Depository Trust Company und im Direct Registration System werden ihre ADS automatisch eintauschen, wobei Bruchteile verkauft und die Erlöse an die Inhaber verteilt werden. Die Stammaktien der Klasse A des Unternehmens bleiben unverändert, und SOS wird weiterhin unter dem Symbol 'SOS' an der NYSE gehandelt. Auch wenn der Preis der ADS voraussichtlich proportional steigen wird, gibt das Unternehmen keine Garantien.
- None.
- Implementation of reverse ADS split (1:15) suggests potential share price concerns
- Risk of share price not maintaining proportional value post-ratio change
- Potential transaction costs for holders due to fractional share liquidation
Insights
This planned ADS ratio change is essentially a 1:15 reverse split at the ADS level, changing from 1 ADS representing 10 shares to 1 ADS representing 150 shares. For a micro-cap company with a market cap of just
QINGDAO, China, Nov. 04, 2024 (GLOBE NEWSWIRE) -- 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 ten (10) Class A ordinary shares to one (1) ADS representing one hundred and fifty (150) Class A ordinary shares (the “ADS Ratio Change”). The Company anticipates that the ADS Ratio Change will be effective on or about November 19, 2024 (the “Effective Date”).
For the Company’s ADS holders, the ADS Ratio Change will have the same effect as a one-for-fifteen reverse ADS split. On the Effective Date, holders of ADSs in The Depository Trust Company and Direct Registration System will have their ADSs automatically exchanged and need not take any action. The exchange of every fifteen then-held (existing) ADSs for one (1) new ADS will occur automatically at the Effective Date, with the then-held ADSs being cancelled and new ADSs being issued by the depositary bank.
No fractional new ADSs will be issued in connection with the ADS Ratio Change. Instead, fractional entitlements to new ADSs will be aggregated and sold by the depositary bank and the net cash proceeds from the sale of the fractional ADS entitlements (after deduction of fees, taxes and expenses) will be distributed to the applicable ADS holders by the depositary bank.
There will be no change to the Company's Class A ordinary shares. As of the Effective Date, SOS’ ADSs will continue to be traded on the NYSE under the symbol "SOS".
As a result of the ADS Ratio Change, the ADS price is expected to increase proportionally, although the Company can give no assurance that the ADS price after the ADS Ratio Change will be equal to or greater than the ADS price on a proportionate basis.
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" 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’ 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. Further information regarding 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.
About SOS Limited
SOS is an emerging blockchain-based and big data-driven marketing solution provider. SOS is also engaged in blockchain and cryptocurrency operations, which currently include cryptocurrency mining and may expand into cryptocurrency security and insurance in the future. Since April 2021, we launched commodity trading via our subsidiary SOS International Trading Co. Ltd and Weigou International Trading Co Ltd. Major trading commodity includes mineral resin, soybean, wheat, sesame, liquid sulfur, petrol coke and latex etc. For more information, please visit: http://www.sosyun.com/.
Contact:
Steven Li
Chief Financial Officer
stevenli@sosyun.com
+8613816822093
SOURCE - SOS Limited
FAQ
When will SOS 's ADS ratio change take effect?
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How will the SOS ADS ratio change affect shareholders?
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