SOS Limited (SOS), an emerging blockchain-based company in China, is soaring in current-market trading after facing a decline of 21% in the previous open market. As of 12:50 PM EST, the price per share was recorded to $6.75 with a 41.51% gain. Let’s see what the reason behind this bullish sentiment is.
What’s Happening?
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The company was recently attacked by the short sellers Hindenburg Research and CulperResearch by the allegation of false information spread by the company. After the attack, it seems that retail investors have taken the position against short sellers as the share price is rising even after the allegations.
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Furthermore, the company today straight forward rejected the allegations made by the short sellers and defended itself by explaining the reason that these attacks were planned to decline the stock price of its shares in order to benefit the short seller. Furthermore, the company said that is committed to maintaining transparency and the highest ethical principles. SOS will provide detailed information in the coming days to prove all the allegations wrong. The company is looking forward to enhancing its relations with investors in the future.
The company has recently signed an agreement with Leibodong Hydropower Station(“Leibodong”) in Hejiang County, Luzhou, Sichuan. The agreement says that SOS Limited will get electricity and physical space to build and operate its own crypto mining rigs and big data center for three years.
Conclusion:
Though the company suffer a huge decline on Friday’s open market after the allegations but rescued by retail investors and now there is a possibility of a short squeeze that will raise the stock. Its recent agreement with Leibodong Hydropower Station shows that the company is aiming high to prosper in the future. In short, investors should keep an eye on this stock.
