SOS is a Chinese IT services company involved with blockchain. The company appears to be the product of 2015 reverse merger which listed on the NASDAQ in April 2017. The IPO was not a success, with the shares losing over 90% of their value over the next two years to mid-2019 whereupon there seems to have been a change of management and control. In a period of just three months between December 2020 and February 2021, SOS's share price rose five-fold which coincided with seven private placements. In February 2021, Culper Research published a report in which it claimed that the company’s supposed acquisitions were extremely problematic. On the same day, Hindenburg Research published a thread on Twitter alleging that SOS was an obvious China-based shell game which was reanimating the corpse of a former China based company. Although there were no auditor and/or director resignations, a questionable acquisition was cancelled, an SEC investigation launched and its share price collapsed more than 95%.
Last updated July 2022.
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