SOS Limited announces deposit agreement termination, direct listing of shares

SOS Limited (SOS) announced its plan to terminate the amended and restated Deposit Agreement dated May 4, 2017, as amended, by and among the company, Citibank, and the holders of ADSs from time to time, effective September 8. In connection with the termination, the company held an extraordinary general meeting of shareholders on August 11 at which its shareholders approved an increase to the company’s authorized share capital, as well as a 150-for-1 share consolidation of its ordinary shares, such that each and every 150 issued and unissued Class A and Class B Ordinary Shares of a par value of $0.005 each in the share capital of the company be consolidated into 1 Class A Ordinary Share of a par value of $0.75 and 1 Class B Ordinary Share of a par value of $0.75, respectively. The new effective date of the termination of the Deposit Agreement will be September 8, date on which holders of ADSs will have their ADSs automatically cancelled and will be entitled to receive the corresponding underlying Class A ordinary shares, par value 75c per share, at a rate of one Ordinary Share for each ADS cancelled. Following the mandatory exchange, the ordinary shares are anticipated to trade directly on the NYSE under the current trading symbol “SOS”.