According to Odaily, SOS Ltd. experienced a significant rise in its stock price on November 27, closing with an increase of nearly 43% to $9.93. The upward trend continued in after-hours trading, with the stock climbing an additional 14.5% to reach $11.36. Despite this recent surge, SOS Ltd.'s stock has faced a challenging year, having declined by 86.5% overall. This downturn prompted the New York Stock Exchange (NYSE) to issue a non-compliance notice to the company in August due to its underperformance.
In a recent development, SOS Ltd., which is listed on the NYSE, announced that its board of directors has approved a plan to invest $50 million in Bitcoin (BTC). This strategic move is aimed at strengthening the company's position within the blockchain industry. The decision reflects SOS Ltd.'s commitment to expanding its blockchain-related activities and leveraging the potential of cryptocurrencies to enhance its business operations. The investment is part of a broader strategy to integrate blockchain technology into its business model, potentially offering new avenues for growth and innovation.