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Tag: SOS Stock Price

  • SOS Limited Gains Momentum With Bold Digital Asset Plan

    SOS Limited Gains Momentum With Bold Digital Asset Plan

    Following the unveiling of its new digital asset strategy, SOS Limited (NYSE: SOS) stock is on a sharp increase on the US stock charts today. As of latest market check, the stock price increased 41.01% to $9.80. This development shows that investors are becoming more confident in the company’s plans for the future.

    Investment Plan for $50 Million in Bitcoin

    The Board of Directors’ acceptance of a $50 million Bitcoin (BTC) investment served as the announcement’s main pillar. The move highlights Bitcoin’s position as a key asset and store of value and demonstrates the company’s dedication to growing its blockchain operations. As the price of Bitcoin is at an all-time high of over $93,000 per coin right now and is predicted to hit $100,000 by the end of the year, SOS’s investment aligns with market confidence.

    SOS to Use Advanced Trading Techniques

    SOS plans to use a number of quantitative trading techniques to maximize its Bitcoin purchase and lessen its exposure to market volatility. These include trading, investing, and arbitrage strategies intended to protect the company’s investment portfolio while producing consistent profits. These techniques highlight SOS’s attempts to reduce the risks associated with the erratic cryptocurrency market while also demonstrating the company’s dedication to smart financial management.

    Reinforcing Leadership in the Digital Asset Sector

    SOS’s investment in Bitcoin signifies a broader ambition to establish itself as a leader in the digital asset industry. The company views Bitcoin as pivotal to the digital ecosystem and as a potential global reserve asset. Alongside this investment, SOS plans to leverage technological innovation to deliver long-term shareholder value and enhance its competitiveness.

    Positive Market Conditions and Upcoming Opportunities

    Investor interest in digital assets has increased as a result of these characteristics, which have also improved institutional adoption. SOS anticipates that its strategic investment will capitalize on this momentum, further strengthening its profitability and position within the sector. Through its bold Bitcoin initiative, SOS Limited is not only reinforcing its faith in the digital asset market but also setting a course for sustained growth and innovation.

  • Why SOS Limited (SOS) stock could not keep its positive momentum on Monday’s after-hours?

    SOS Limited (SOS) stock price declined 7.89% in after-hours on Monday, July 26, 2021, and close the daily trading at $2.80. In the regular trading session on Monday, SOS’s stock gained 22.58%. SOS shares have risen 60.85% over the last 12 months, and they have moved up 25.10% in the past week. Over the past three months, the stock has lost 33.91%, while over the past six months, it has shed 35.71%.

    Let’s discuss SOS recent news and developments briefly.

    SOS Joint Venture agreement with Niagara Development 

    On June 21, 2021, SOS Limited entered into a joint venture agreement with Niagara Development LLC to carry out cryptocurrency mining operations and construct an international standardized Digital Super Computing Custody Operation Center.

    Niagara Development will provide up to 150MW of electricity, including electricity generated from renewable sources, and construction of the Digital Super Computing Custody Operation Center. SOS will be responsible for the management, operations, and financing of the joint venture.

    SOS has to face several Class Action Lawsuits

    Levi & Korsinsky, LLP stated on June 1, 2021, informing all persons or entities who purchased or otherwise acquired securities of SOS Limited between July 22, 2020, and February 25, 2021, notifying that a securities class action lawsuit has been commenced in the United States District Court for the District of New Jersey.

    On May 26, 2021, The Law Offices of Vincent Wong announced that a class action lawsuit has commenced on the behalf of investors who purchased SOS stock Limited between July 22, 2020, and February 25, 2021.

    What’s the matter?

    According to the Complaints, the Company made false and misleading statements to the market regarding the Company’s business, operations, and compliance policies throughout the class period. According to the allegations, SOS used a pump and dump scheme and used fake addresses and photos of crypto miners to create an illusion of success.

    SOS rejected the claims and said that it is looking forward to vigorously defending itself, addressing these matters and providing more information in the coming days.

    SOS completed the first phase of the Leibodong Mine

    On May 7, 2021, SOS Limited announced that the first phase of the Leibodong Mine has been completed and 575 sets of ETH cryptocurrency mining rigs have been delivered.

    Recent financial results announcement

    On May 5, 2021, SOS Limited reported its audited financial results for the full year ended December 31, 2020.

    FY 2020 financial highlights

    • The company reported revenue of $50.3 million in FY 2020 compared to $37.4 million in FY 2019.
    • In FY 2020, the gross profit was $13.0 million.
    • The gross margin was 25.8% in FY 2020.
    • Operating income was $10.1 million in FY 2020.
    • It earned a net profit of $4.4 million, or $0.0135 basis per share in FY 2020 compared to a net income of $1.5 million, or $0.025 basis per share in FY 2019.
    • The company had Cash and cash equivalents of $3.7 million on December 31, 2021.

    Conclusion

    As of this writing, we have no recent news or development which could be linked with SOS stock mixed performance on Monday. It is hard to predict how it will perform in the coming days.

  • SOS stock is plunging in the premarket session; here’s why

    SOS stock is plunging in the premarket session; here’s why

    In the premarket trading, SOS Limited stock plunged by-5.31% to trade at $3.92. SOS stock closed last session at $4.14 which is a -3.94% loss. The company’s stock price oscillated between $4.11 and $4.50today. The share volume traded today was 23.79 million. While the average trading volume for the past 3 months has been 74.95 million. In the past 1 year, SOS stock has jumped up by 314.00%. In the past week, the shares slumped down to -8.61%. In the last three and six months, the stock has increased by 105.97% and 59.85%, respectively. The current value of SOS Limited (SOS) in the market is $773.93 million while its outstanding shares are 186.94 million.

    SOS stock is not yet free from the claims of fraud and lawsuit filings

    Just today, 23rd April 2021, Jakubowitz Law announced that it has also joined the barrage lawsuit claims against SOS by commencing securities fraud class action lawsuit on SOS for the class period 22nd July 2020- 25th February 2021.

    Similarly Pomerantz Law firm has reminded SOS shareholders (who faced losses) to take part in the lawsuit prior to the deadline of 31 May 2021. The list of reminder goes on from law offices of HAGENS BERMAN, Levi &Korsinsky, Frank R. Cruz, Vincent Wong, and others, all of whom had initiated the investigations after the Hidenburg Research tweeted about the company being allegedly involved in fraudulent activities related to claims of cryptocurrency mining operations and location of its office.

    SOS limited had only once fought back the claims by issuing a statement on its website regarding these claims being false accusations only to be made for the economic benefit of the short sellers.

    Context behind SOS’s crypto-mining operations and claims of fraud

    On January 2021, SOS stock announced its crypto mining plans for investing heavily into acquiring mining machines and benefitting from growing investor’s interest in crypto assets. The crypto mining operations are handled by SOS Information Technology (SOS) which is a subsidiary of SOS Limited. Earlier in February the Company announced the acquisition of 5000 crypto mining machines while almost 2 weeks ago it announced the launching of a cloud crypto center established in Hejian County.

    These were later claimed by investigative researchers to be fake news, as covered in our previous article.

    Investigative research had led to finding out that the company had posted several fake and dummy photos as well as inaccurate press releases which called out to be misrepresenting and bogus.

    The Hidenburg Research and Culper Research claim that SOS is an elaborate “pump and dump” scheme that claimed to have bought 15,000 mining rigs on 21 January only to give doctored photos of the crypto miners. Investors fear the risk of investing in SOS stock.

    A respond to the claims?

    SOS Ltd has not responded back to these allegations which have dragged on for few months, by not continuing to do so, the SOS stock is plunging as more and more investors give in to the fear of fraud and overwhelming lawsuits. This is making SOS lose investor’s confidence.

  • What’s Pushing SOS Ltd. (SOS) Shares so high?

    What’s Pushing SOS Ltd. (SOS) Shares so high?

    The colossal trading volume is keeping the shares price pump.

    SOS limited (SOS) shares are on the bullish move following a heavy trading volume. It seems that the bull traders are keeping the stock moving. More than 180 million people have traded SOS today, as we write this.

    One of the major factors that have kept the bulls running is the increase in the price of Bitcoin. Recently, the company received 5000 PCS of mining rigs which can generate BTC and ETH. With much happening across the cryptosphere, SOS has even more upside going into the future but with much more risk, as well.

    What’s happening?

    SOS Ltd. (SOS) is a crypto mining company that has picked up hype in the last one-month period, following the bullish rally of Bitcoin. The future of cryptocurrency is seeming more evident with each passing day. The adoption of Bitcoin by PayPal was a major step towards the widespread adoption of digital currency.

    Recently, Elon Musk’s Tesla bought BTC’s worth $1.5 billion and the reports started to circulate that Apple is also interested in buying the crypto giant coin.

    On Feb. 11, a Twitter user named VoxTrader tweeted that SOS has an identical setup as one of the heaviest shorted stocks, similarly to NAKD which is predicted to surge higher. And, NAKD shares soared over 1,700% from $0.19 to $3.39.

    The company recently announced that it has received 5000 PCS of mining rigs five days earlier than the date of delivery. The first batch contains 5000 PCS of mining rigs which can generate both Bitcoin and Ethereum about Hash Power 175P and Hash Power 350G, respectively.

    If the company utilizes these mining rigs to the maximum of their benefit and operates as expected, the Annual Return on Investment (ROI) is forecasted to range higher—based on the current BTC and ETH price momentum. The chairman of SOS, Yandai Wang highlighted that they have secured the supply of crypto mining equipment that could help in generating enough crypto hash power to sink in with the rising cryptocurrency price.

    SOS has also agreed with certain accredited investors to sell its American Depositary Shares (ADSs) that would be issued at an exercise price of $2, totaling up to 23.8 million ADSs. The company plans to use the gross proceeds from the offering to enhance its planned blockchain-based cryptocurrency mining network. Moreover, use the proceeds for acquisitions in the relevant marketplace and also for working capital and general corporate purpose.

    Conclusion

    There is still much upside for SOS Ltd. (SOS) stock as the cryptocurrency market is breaking new records. However, there is much volatility too which could be risky too.