SOS Shares Are Trading Lower After Raising $125M Via Equity Offering At 11% Discount

SOS Ltd (NYSE: SOS) inked an agreement with accredited investors to raise $125 million in gross proceeds from the sale of 25 million shares at $5 per share in a private offering.
The offer price signifies an 11% discount to the company’s Monday closing price of $5.6.
The company agreed to sell the 25 million five-year warrants for the purchase of 25 million shares.
The gross proceeds will be used to develop cloud cryptocurrency mining, cryptocurrency security, insurance business, working capital, and general corporate use. Maxim Group is the sole placement agent for the offering.
SOS stock gained over 344% in the last year.
Price action: SOS shares traded lower by 14.5% at $4.79 on the last check Tuesday.