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.