SOS Limited, a company that provides blockchain services, has revealed that it received a message from the New York Stock Exchange (NYSE) for underperforming stock prices.
The trading value of its American depositary shares (ADSs) has gone less than $1 for 30 straight trading days.
According to NYSE rule 802.01C, a firm will be marked as a business that is not following the rules if its stock stays below $1.00 for 30 trading days in a row.
The Notice Does Not Immediately Affect The Listing Of The Company’s ADSs
As soon as the company is notified, it must increase its stock value and average share value to more than the $1.00 limit in six months from when it was notified.
The firm can meet the standard again at any period during the six months. This will happen if, on the final trading day of any month, its share value is at least $1.00 and the average closing price for the last 30 days is also at least $1.00.
If by the end of the six months, the share price doesn’t reach $1.00 on the final day and the average closing price for the last 30 days isn’t $1.00, the NYSE will start the process to suspend the stock. The NYSE will also begin the process to remove the stock from the listing.
The notice does not have any immediate effect on the listing of the firm’s ADSs. It will still be traded and listed on the NYSE in the cure period, as far as all other NYSE rules are followed.
SOS is a new company that works with blockchain and gives services in this area. Right now, the firm focuses on mining cryptocurrencies and might start working on cryptocurrency security in the future.
SOS Aims To Revolutionize Cryptocurrency Mining
The firm began trading commodities via SOS International Trading CO from April 2021. The main traded items include mineral resin, latex, petrol coke, soybeans, wheat, liquid sulfur, sesame, and more.
The firm stated that some statements in the press release might be “forward-looking statements” under the Federal Securities Act. It also includes the future financial performance, business tactics, or operations.
The firm added that the forward-looking statements are based on many assumptions, risks, and doubts that can change over time. Particularly, these statements might include the company’s details and expectations.
According to the SOS, these statements involve various judgments, risks, and doubts that could result in real outcomes that are different from what is said.
These risks and uncertainties, like those mentioned by SOS in its reports to the SEC, could lead to different results than anticipated.
These risk factors and others mentioned in this press release could cause actual outcomes to be very different from past performance.
