SOS Limited announces pricing of $7.5M registered direct offering

SOS Limited (SOS) announced that it has entered into a securities purchase agreement with certain institutional investors for the purchase and sale of 2,142,855 American Depositary Shares in a registered direct offering. In a concurrent private placement, the company also agreed to issue and sell unregistered Warrants to purchase up to an aggregate of 4,285,710 ADSs. The combined effective offering price for each ADS and the accompanying Warrants is $3.50. Each private placement warrant will be immediately exercisable, expire five and one-half years from the initial exercise date and will have an exercise price of $3.50 per share. The combined gross proceeds to the company from the registered direct offering and concurrent private placement are estimated to be $7.5M before deducting the placement agent’s fees and other estimated offering expenses. The offering is expected to close on or about July 31, subject to the satisfaction of customary closing conditions. Maxim Group is acting as the sole placement agent in connection with the offering.