SOS Regains Compliance with NYSE Minimum Price Continued Listing Criterion

Rhea-AI Summary

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.

Positive

• Regained compliance with NYSE's minimum share price requirement.
• Average closing share price above $1.00 confirms compliance.

Negative

• Previous non-compliance with NYSE due to low share price.
• Share price below $1.00 raised concerns regarding listing status.

QINGDAO, China, July 22, 2022 (GLOBE NEWSWIRE) -- SOS Limited (NYSE: SOS) (the "Company" or "SOS") today announced that it has received a notification letter from the New York Stock Exchange (the "NYSE") dated July 14, 2022, informing the Company that it has regained compliance with the NYSE's continued listing criterion of a minimum share price as set forth in Section 802.01C of the NYSE Listed Company Manual.

As previously announced, the Company received a letter from the NYSE dated January 14, 2022 notifying the Company that it was below compliance standards due to the fact that the average closing price of the Company's American Depositary Shares (the "ADSs") was less than $1.00 for a consecutive 30 trading-day period. In order to regain compliance with the minimum share price requirement, the Company changed the ratio of the ADSs representing its Class A ordinary shares from one (1) ADS representing ten (10) Class A ordinary shares to one (1) ADS representing five hundred (500) Class A ordinary shares. The change of the ADS ratio became effective on July 6, 2022.

On July 14, 2022, NYSE provided confirmation to the Company that its average closing share price for the consecutive 30-trading days ended July 14, 2022 was above the NYSE's minimum requirement of $1.00 per share. Accordingly, the Company is no longer considered below the $1 continued listing criterion and has regained compliance on this matter.

Additional information concerning these and other factors that may impact our expectations and projections can be found in our periodic filings with the SEC, including our Annual Report on Form 20-F for the fiscal year ended December 31, 2021.

SOS's SEC filings are available publicly on the SEC's website at https://secure.ice/?www.sec.gov. SOS disclaims any obligation to update the forward-looking statements, whether as a result of new information, future events or otherwise. Shareholders who are interested in the 2021 Annual Report can click on the following link to download it free of charge: 2021 Annual Report

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 a new high-tech company with artificial intelligence and blockchain as its core technologies. Through core technologies such as AI, block technology, satellite communication and big data, the company provides digital technical services for emergency rescue, big data marketing, international trade, digital assets and other industries, and provides customers with one-stop digital overall solutions. For more information, visit www.sosyun.com.

SOURCE SOS Limited

Contact:
Steven Li
Chief Financial Officer
stevenli@sosyun.com
+8613816822093

FAQ

What recent compliance news has SOS Limited announced?

SOS Limited has announced that it has regained compliance with the NYSE's minimum share price requirement.

What caused SOS Limited to be non-compliant with the NYSE?

SOS Limited was non-compliant because the average closing price of its American Depositary Shares was below $1.00 for a consecutive 30-day period.

What corrective action did SOS Limited take to regain compliance?

SOS Limited changed the ratio of its American Depositary Shares from one ADS for ten Class A ordinary shares to one ADS for 500 shares.

When did SOS Limited regain compliance with the NYSE?

SOS Limited received confirmation of compliance on July 14, 2022.

What is the stock symbol for SOS Limited?

The stock symbol for SOS Limited is SOS.