Blockchain
SOS Ltd. Enters into Non-Binding Letter of Intent to Acquire a Cryptocurrency Technology Provider based in Canada
SOS Limited (NYSE: SOS) (the “Company” or “SOS”) announced today it has entered into a non-binding letter of intent to acquire FXK Tech Corporation(“FXK”), a Canadian-based company, specializing in the blockchain technology consulting and operations and support for cryptocurrency exchanges and cloud crypto algorithmic power exchanges, to further extend SOS ecosystem of blockchain and cryptocurrencies, as well as to expand its operations to North America.
FXK is a licensed crypto technology provider in Canada. Its current services and products include the design, construction, operations and support of exchange platforms of cryptocurrencies and cloud crypto algorithmic power, and blockchain-based solutions.
SOS is an emerging blockchain-based and big data-driven marketing and service provider, with a nationwide membership base of approximately 20 million in China. Recently, SOS has outlined its strategy in blockchain and cryptocurrencies, which include a series of initiatives to expand its business into cryptocurrency mining as well as cryptocurrency security and insurance. The core infrastructure of SOS rescue, insurance marketing and service supply chain is built on big data, blockchain-based technology, cloud computing, AI, satellite, and 5G network, etc.
Pursuant to the Letter of Intent, SOS is expected to acquire 100% of the outstanding shares of FXK for a combination of Class A ordinary shares and cash. The Company’s planned acquisition of FXK is aimed to further expand and upgrade its ecosystem of cryptocurrencies and digital assets as well as to expand its business to North America. As the transaction proceeds, the Company will publicly disclose required information either through press releases or SEC filings, as appropriate.
Dr Huazhong Yan, Vice President of SOS Information Technology Co. Ltd, the Company’s operating subsidiary, commented, “with its leading-edge technologies in cryptocurrency exchanges, and crypto algorithmic power exchanges, acquisition of FXK will further expand our ecosystem of cryptocurrencies and cloud crypto mining and security and insurance.”
SOS Chairman Yandai Wang also commented, “FXK is a leader in cryptocurrency and crypto algorithmic power exchange technologies. If the acquisition is completed, our operations will be expanded to North America as well as expedite the executions of our strategy in cryptocurrencies and cloud crypto mining and security and insurance.”
Completion of the transaction is subject to due diligence investigations by the relevant parties, the negotiation and execution of a definitive share exchange agreement, satisfaction of the conditions negotiated therein including the approval of the Company’s Board of Directors, approval by NYSE of the listing of shares issued in the transaction, and the satisfaction of other customary closing conditions. There can be no assurance that a definitive agreement will be entered into or that the proposed transaction will be consummated. Further, readers are cautioned that those portions of the LOI that describe the proposed transaction, including the consideration to be issued therein, are non-binding.
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