QINGDAO, China, February 11, 2022 /PRNewswire/ — SOS Limited (NYSE: SOS) (the “Company” or “SOS”) announced today that the Company has received a letter from the New York Stock Exchange (the “NYSE”) dated January 14, 2022notifying SOS that it is below compliance standards due to the trading price of SOS’s American Depository Shares (the “ADS”).
In accordance with NYSE 802.01C, a company will be considered below compliance standards if the average closing price of a security as shown on the consolidated tape is less than $1.00 over a period of 30 consecutive trading days. Once notified, the company must bring its share price and its average price above $1.00 within six months of receipt of the notification. The company may revert to compliance at any time during the six-month recovery period if, on the last trading day of any calendar month during the recovery period, the company has a closing price of at least $1.00 and an average closing 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 upon expiry of the six-month cure period, both a $1.00 closing price of the share on the last trading day of the cure period and a $1.00 the average closing price of the stock over the 30 trading days ending on the last trading day of the correction period is not reached, the NYSE will initiate suspension and delisting proceedings.
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 provider of blockchain and big data-based marketing solutions, with a national base of approximately 20 million members in China. SOS is also engaged in blockchain and supercomputing operations, and may expand into cryptocurrency security and assurance in the future. Because April 2021, SOS launched commodity trading through its subsidiary SOS International Trading Co. Ltd. The basic infrastructure of marketing data, technology and solutions of SOS for insurance and emergency relief services is based on big data, blockchain-based technology, cloud computing, AI, satellite, and 5G network, etc. SOS has created a “software as a service (SaaS)” cloud platform for emergency rescue services, with three main product categories: basic cloud, cooperative cloud and information cloud. This system provides innovative marketing solutions to customers such as insurance companies, financial institutions, medical institutions, healthcare providers, car manufacturers, security providers, elderly assistance providers and other service providers in the emergency rescue services industry.
For more information about 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 United States Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “will”, “expect”, “anticipate”, “future”, “intend”, “project”, “believe”, “estimate”, ” confident”, “optimistic” and similar statements. SOS may also make written or oral forward-looking statements in its reports filed with or furnished to the United States 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. All 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 forward-looking statements. These factors and risks include, but are not limited to: local government policies and regulatory oversight of cryptocurrency mining and other SOS operations; SOS’s blockchain and supercomputing, commodity trading and marketing solutions businesses are still under development, with many uncertainties about the future direction and integration of these different business segments; the inability to effectively manage newly launched commodity trading businesses; loss of key commodity trading customers; the inability to access a large amount of electricity at reasonable costs could significantly increase SOS’s operating expenses and adversely affect demand for SOS’s mining operations; any significant or prolonged failure of the data warehouse facilities and data mining facilities that SOS operates or the services that it provides, including events beyond its control, would result in significant costs and disruptions and reduce the attractiveness of its facilities, would harm its commercial reputation and have a material adverse effect on its results of operations; security breaches or alleged security breaches of our data warehouses could disrupt SOS’s operations and have a material adverse effect on its business, financial condition and results of operations; uncertainty in the 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 United States Securities and Exchange Commission. All information provided in this press release is current as of the date of the press release, and SOS assumes no obligation to update such information except as required by applicable law.
SOS SOURCE limited