Why Bitcoin- And Ethereum-Related Stock SOS Limited Is Nosediving

Sos Ltd - ADR SOS shares are trading lower by 36.5% at $0.47 after the company announced pricing of a roughly $20 million registered direct offering. 

SOS Limited says, under the terms of the securities purchase agreement, the company has agreed to sell 35,750,000 ADSs at a purchase price of $0.56 per ADS. SOS Limited intends to use the proceeds from the offering to develop its business in North America as well as for working capital and general corporate use.

Shares of several Chinese companies, including SOS Limited, are also trading lower after U.S. Securities Regulators lowered expectations of a deal to keep Chinese stocks listed on American exchanges.

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SOS Limited is engaged in the provision of emergency rescue business providing emergency healthcare services, emergency roadside assistance, emergency living assistance and other rescue services in China.

SOS Limited has a 52-week high of $6.17 and a 52-week low of $0.45.