BEIJING (dpa-AFX) - SOS Limited (SOS), a company focused on blockchain, cryptocurrency, and commodity trading, said on Wednesday that it has inked a deal with certain investors to sell around $7.85 million American Depositary Shares ADSs and warrants in a public offering.
'The company intends to use the proceeds from the offering to develop its cloud cryptocurrency mining and cryptocurrency security and insurance business as well as for working capital and general corporate use,' SOS Limited said.
The gross proceeds from offering, to be closed on or about March 15, are expected to be at $7.85 million.
Under the terms, the company will sell 5,233,332 ADSs and warrants to purchase 10,466,664 ADSs.
The purchase price for one ADS and one corresponding warrant will be $1.50.
The warrants will expire five years from the date of issuance.
Maxim Group LLC is working as sole placement agent for the offering.
SOS was trading down by 28.16 percent at $1.53 on the New York Stock Exchange.
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