SOS Stock Price Increased 40.25%: Why It Happened

By Amit Chowdhry ● March 2, 2021
  • The stock price of Sos Ltd (NYSE: SOS) increased by 40.25% yesterday as it went from a previous close of $4.77 to $6.69. This is why it happened.

The stock price of Sos Ltd (NYSE: SOS) increased by 40.25% yesterday as it went from a previous close of $4.77 to $6.69. Investors were responding to SOS issuing a response to short-sellers (more details here).

SOS said that the attacks from the short-sellers were “distorted, misleading, and unsubstantiated.” And SOS said it also believes certain social media accounts of some company board members may have been impersonated or disabled for short periods of time. Plus SOS believes these attacks were purposefully designed to manipulate the price of the company’s shares “with the aim of causing a stock price decline in order to economically benefit the short-sellers, to the detriment of the company’s public shareholders.”

“SOS stands behind the integrity of the company and remains committed to maintaining transparency and the highest ethical principles. SOS reserves all rights that it may have against these short-sellers and will defend itself vigorously against those behind these attacks and misleading allegations. The company is preparing a more detailed response to the false innuendo and lies that are being spread about the company. SOS looks forward to vigorously defending itself, addressing these matters, and providing more information in the coming days,” added SOS in a statement.

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.