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SOS Ltd. Announces the Closing of a Private Placement

Aug 31,2020 EST

QINGDAO, ChinaAug. 31, 2020 /PRNewswire/ -- SOS Limited (the "Company") (NYSE: SOStoday announced that it has closed a private placement with a small number of sophisticated non-U.S. investors on August 27, 2020, pursuant to which it has sold 53,580,020 units, with each unit consisting of one Class A ordinary share and a warrant to purchase one Class A ordinary share, at a price of $0.2162 per unit. This represents a price of $2.162 per ADS, which is approximately a 15% premium over the Company's closing trading price on August 20, 2020.

The net proceeds from the private placement are approximately $11.6 million. A warrant to purchase one Class A ordinary share is included in each unit with an initial exercise price of $0.27 per Class A ordinary share, or $2.70 per ADS. The warrants are exercisable immediately upon issuance. Please refer to the Company's Current Report on Form 6-K filed on August 27, 2020 for further details.

Chairman Yandai Wang commented, "It is gratifying to see that investors who both understand the size of the opportunity and potential of our company demonstrate their confidence in SOS through an equity investment in the company."

The Company intends to use the proceeds for working capital and to accelerate its plans for growth and operational investments.

About SOS Limited

SOS Limited, through its operating subsidiary, SOS Information Technology Co., Ltd. ("SOS") is a high-technology company providing a wide range of services to its corporate and individual members, including marketing data, technology and solutions for emergency rescue services. SOS is focused on the research and development of big data, cloud computing, Internet of Things, blockchain and artificial intelligence. We have created a SOS cloud emergency rescue service software as a service (SaaS) platform with three major product categories, including basic cloud (medical rescue card, car rescue card, financial rescue card, mutual assistance rescue card), cooperative cloud (information rescue center, intelligent big data, intelligent software and hardware), and information cloud (News Today, E-Commerce Today). This system provide marketing-related data, technology solutions, and technology-driven big data to clients such as insurance companies, financial institutions, medical institutions, healthcare providers, auto manufacturers, security providers, senior living assistance providers and other service providers in the emergency rescue services industry. SOS has obtained a national high-tech enterprise certification, the title of "big data star enterprise" awarded by Gui'an New District Government, and has registered 11 software copyrights and 2 patents. For more information, please visit:

Forward-Looking Statements

Certain statements made herein are "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "anticipate," "believe," "expect," "estimate," "plan," "outlook," and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward-looking statements include timing of the proposed transaction; the business plans, objectives, expectations and intentions of the parties once the transaction is complete, and SOS's estimated and future results of operations, business strategies, competitive position, industry environment and potential growth opportunities. These forward-looking statements reflect the current analysis of existing information and are subject to various risks and uncertainties. As a result, caution must be exercised in relying on forward-looking statements. Due to known and unknown risks, our actual results may differ materially from our expectations or projections. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

Additional information concerning these and other factors that may impact our expectations and projections can be found in our periodic filings with the SEC, including our Annual Report on Form 20-F for the fiscal year ended December 31, 2019. SOS's SEC filings are available publicly on the SEC's website at SOS disclaims any obligation to update the forward-looking statements, whether as a result of new information, future events or otherwise.


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