SOBR Safe, Inc. Announces Pricing of $6 Million Private Placement Priced At-the-Market
SOBR Safe, Inc. (NASDAQ:SOBR) has announced a $6 million private placement offering with institutional investors, involving the issuance of 4,054,055 units at $1.48 per unit. Each unit includes one share of common stock and one non-tradable warrant exercisable at $1.35 for seven years. The offering is expected to close by September 30, 2022. The funds will assist in advancing SOBRsafe's innovative alcohol screening solutions aimed at preventing workplace intoxication and improving safety standards.
- Successful raising of $6 million through a private placement enhances company liquidity.
- Issuance of warrants at an exercise price of $1.35 may lead to additional capital upon exercise.
- Innovative alcohol detection technology addresses significant market concerns, enhancing potential growth.
- Private placement may lead to shareholder dilution if warrants are exercised.
- The offering was made exclusively to accredited investors, limiting broad market participation.
DENVER, CO / ACCESSWIRE / September 28, 2022 / SOBR Safe, Inc. (NASDAQ:SOBR) (the "Company" or "SOBRsafe"), providers of industry-leading alcohol screening solutions, today announced that it entered into a securities purchase agreement with institutional investors for aggregate gross proceeds of approximately
In connection with the offering, the Company will issue 4,054,055 units and pre-funded units at a purchase price of $1.48 per unit priced at-the-market under Nasdaq rules. The pre-funded units will be sold at the same price less the pre-funded warrant exercise price of
The offering is expected to close on or about September 30, 2022, subject to the satisfaction of customary closing conditions.
Aegis Capital Corp. is acting as the Exclusive Placement Agent in connection with the offering.
The securities described above are being sold in a private placement and have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission (the "SEC") or an applicable exemption from such registration requirements. The securities were offered only to accredited investors. Pursuant to a registration rights agreement with the investor, the Company has agreed to file one or more registration statements with the SEC covering the resale of the common stock and the common stock issuable upon exercise of the warrants.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About SOBRsafe
The annual cost of alcohol abuse in the U.S. is
A preventative solution in historically reactive industries, it is being deployed for commercial fleets, workplaces, alcohol rehabilitation and probation management; other intended applications include airlines and young drivers. This patent-pending alcohol detection solution helps prevent an intoxicated worker from taking the factory floor or a driver from receiving the keys to a truck, bus or rideshare vehicle. An offender is immediately flagged, and an administrator is empowered to take the appropriate corrective actions. At SOBRsafe, we are creating a culture of prevention and support. To learn more, visit www.sobrsafe.com.
Forward-Looking Statements:
Our prospects here at SOBRsafe are subject to uncertainties and risks. This press release contains forward-looking statements that involve substantial uncertainties and risks. These forward-looking statements are based upon our current expectations, estimates and projections about our business, and reflect our beliefs and assumptions based upon information available to us at the date of this press release. In some cases, you can identify these statements by words such as "if," "may," "might," "will, "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential," "continue," and other similar terms. These forward-looking statements include, among other things, plans for proposed operations, descriptions of our strategies, our product and market development plans, and other objectives, expectations and intentions, the trends we anticipate in our business and the markets in which we operate, and the competitive nature and anticipated growth of those markets. We caution readers that forward-looking statements are predictions based on our current expectations about future events. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict. Our actual results, performance or achievements could differ materially from those expressed or implied by the forward-looking statements as a result of a number of factors including, but not limited to, the risks and uncertainties discussed under risk factors in our registration statement on Form S-1, as amended (File No. 333-262665) as well as our other filings with the SEC. We undertake no obligation to revise or update any forward-looking statement for any reason.
Contact SOBRsafe:
IR: investor.relations@sobrsafe.com
Sales: michael.watson@sobrsafe.com
Media: sobrsafe@berlinrosen.com
SOURCE: SOBR Safe, Inc.
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FAQ
What is the purpose of SOBR's recent $6 million private placement?
What are the terms of the warrants issued in SOBR's latest offering?
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What are the risks associated with SOBR's forward-looking statements in the press release?
