SOS Limited slumps after Hindenburg shorts the stock (update)
Feb. 26, 2021 1:12 PM ETSOS Limited (SOS)SOSBy: Liz Kiesche, SA News Editor109 Comments
- Update 3pm: Updates shares, adds Culper Research short report.
- SOS Limited (NYSE:SOS) drops 17% after Hindenburg Research says it's short on the stock, noting its significant regulatory risk
- The short seller calls the company "an obvious China-based shell game."
- The stock had risen more than six-fold in mid-February amid enthusiasm for Bitcoin reaching all-time highs. SOS describes itself as "an emerging blockchain-based and big data-driven marketing and solution provider."
- Culper Research also released a short report on SOS today, saying it believes the shares are "worthless." Culper says SOS's claims around its cryptocurrency mining purchases and acquisition appears to be "extremely problematic."
- See SOS stock movement over the past month: