11:22 AM EDT, 03/13/2024 (MT Newswires) -- SOS (SOS) said Wednesday it has signed a securities purchase agreement with certain accredited investors to buy roughly $7.85 million of its American depositary shares and warrants in a public offering.

Under the terms, the company will sell about 5.2 million of its American depositary shares and warrants to buy nearly 10.5 million American depositary shares, SOS added.

The warrants, exercisable immediately with an exercise price of $1.50 apiece, will expire five years after issuance, the blockchain-based service company said.

SOS intends to close the offering around Friday and use the proceeds to develop its cloud cryptocurrency mining and cryptocurrency security and insurance business, and for general corporate purposes.

Shares of the company fell over 30% in recent Wednesday trading.

Price: 1.49, Change: -0.65, Percent Change: -30.28