The emergency rescue services technology company SOS Limited (SOS) saw its shares’ price rising 18.39% in trading after the ring of the bell on Monday following a press release responding to misleading information about the company.
What actually has happened?
SOS Limited gives emergency rescue services to corporations and individuals through marketing data, technology, and solutions. It operates SOS cloud emergency rescue service software as a service platform that offers basic cloud products, cooperative cloud products, and information cloud products.
Products from these cloud services include car rescue, medical rescue, financial rescue, and mutual assistance rescue cards, information rescue center, intelligent big data, intelligent software, and hardware and platforms like News Today and E-Commerce Today. The Qingdao, China-based company holds insurance companies, healthcare providers, auto manufacturers, security providers, senior living providers, and security companies among its clients.
In a press release yesterday, SOS Limited stated that short sellers attacked the Company with distorted and unsubstantiated claims.
- In addition, the Company believes some of its board members’ social media accounts were impersonated or temporarily disabled by others for short periods of time.
- It believes the Company’s shares were intentionally attacked with the objective of causing a share price decline to benefit short-sellers at the expense of the public shareholder.
- A more detailed response is being prepared by the Company to dispel false rumors and lies that are being spread about the Company.
- SOS will be aggressively defending itself, answering these questions, and providing more information in the weeks to come.
- The company also intends to improve its investor relations capability in the future.