SOS Raises $110M In Secondary Offering At 21% Discount

China’s SOS Limited (NYSE: SOS) priced 22 million shares at $5 per share to raise $110 million in a secondary offering to develop its strategic blockchain-based security and insurance technology business, working capital, and general corporate use.
The offer price signifies a 21% discount to Thursday’s closing price and is likely to close by February 17, 2021.
Maxim Group LLC is the placement agent for the offering.
SOS disclosed its plans to acquire Canada’s blockchain technology and cloud crypto company FXK Tech Corporation.
It is also in talks to acquire 15645 Mining Rigs, BTC Hash Power 527P, ETH Hash Power 1056G for $20 million towards cloud cryptocurrency mining.
Price action: SOS shares are down 17.1% at $5.24 in the pre-market session on the last check Friday.