SOBR Safe, Inc. (SOBR) plans to raise $12 million in an IPO on Thursday, April 28, reports IPO Scoop. The Company will issue 2,700,000 shares at a price of $4.00 to $5.00 per share.
The company has a market cap of $47.1 million.
Alexander Capital, LP acted as underwriter for the IPO and Revere Securities LLC served as co-manager.
SOBR Safe, Inc. provided the following description of their company for its IPO: “(Note: This is NOT an IPO. This is a NASDAQ raise from the OTCQB marketplace. IPOScoop has NO ORDER to raises. SOBR Safe has revised its NASDAQ exchange offering (Uplisting) for the second time in an S-1/A filing dated April 20, 2022: returning the warrants to the deal and sizing to 2.67 million units – up from 2.4 million shares in a filing dated April 8, 2022 – and lowering the price range to $4.00 to $5.00 – from $4.50 to $5.50 – to raise $12.02 million In an S-1/A filing dated April 8, 2022, SOBR Safe , Inc. cut its NASDAQ public offering to 2.4 million shares – revising proposed increase by removing warrants. Original terms were 3 million units.) (Note: SOBR Safe shares are expected to be offered at the proposed common symbol “SOBR” and the Warrants under the proposed symbol “SOBRW” – both listed on NASDAQ.) (Note: Unless otherwise noted, the share and per share are inf The figures in this Prospectus reflect a reverse stock split of the outstanding common shares of the Company at an assumed ratio of one to three (1:3) to be effected immediately after the Effective Date but prior to the closing of the Offering. The financial statements contained on pages F-1 through F-60 and related disclosures in Management’s Discussion and Analysis have not been restated for the proposed 1:3 reverse stock split.) We intend to make companies more non-invasive Technology to quickly and confidently identify potential drinking problems among their employees or contractors which, if left undetected, could result in injury or death. These technologies are integrated into our robust and scalable data platform, generating statistical and measurable user and business data. Our mission is to save lives, increase productivity, create significant economic benefit for our customers and positively influence behavior. To this end, we have developed the scalable, patent-pending SOBRSafe™ software platform for non-invasive alcohol detection and identity verification, a solution that expects applications across commercial vehicle fleets, manufacturing and warehousing, construction, commercial fleets and youth drivers in wearable form. We believe that consistent daily use of our device could result in significant insurance savings on Workers’ Compensation, General Liability and Fleet policies. We have successfully completed multiple pilot testing programs with our SOBRcheck™ device, which is our first device to feature our scalable, patent-pending SOBRSafe™ software platform for non-invasive alcohol detection and identity verification. These pilot programs validated both our SOBRSafe™ software platform and our SOBRcheck™ device. As a result, we have now moved to commercial production of our first SOBRcheck™ devices, which we began using for our first clients. At the end of 2021 we had several customers in the sales cycle but our SOBRcheck™ devices were not shipped to them until January 2022. As a result, we will not bill these customers or receive revenue from customers until the first quarter of 2022. The timing of our commercial launch of our SOBRcheck™ device has been delayed several times in 2021, primarily due to our pursuit of adequate funding (since received) and getting pilot customers to test our device (which was more difficult). summer due to travel plans by some of our target customers) and some supply chain issues largely caused by the COVID-19 pandemic. Additionally, during pilot testing of our SOBRcheck™ device, we found that alcohol-based hand sanitizer was causing erroneous readings from the device. In response to this discovery, we have made adjustments to the analytics in our SOBRSafe™ technology and added a required alcohol-based disinfectant abstinence protocol to our protocols for using the SOBRcheck™ device. Our second device, a SOBRsure™ wearable wristband, uses the same SOBRsafe™ sensor technology that was proven in the SOBRcheck™ pilot tests. The primary intended application for this volume is for young solo drivers and commercial fleet management, with an additional potential application in alcohol rehabilitation. We plan for the wearable band to be commercially available in August 2022. Our SOBRcheck™ device will be manufactured and assembled in the United States. Our SOBRsafe™ technology can also be used on numerous additional devices for different purposes; Those we are currently investigating include potential integrations with existing fleet vehicle telematics systems, as well as law enforcement technologies to improve public safety. In addition, we are proactively evaluating other new technologies that detect or can detect the presence of other substances in the human body. We are currently planning to use our SOBRSafe™ technology in two initial devices: the SOBRsure™ wearable band and the SOBRcheck™ system. “.
SOBR Safe, Inc. was founded in 2007 and has 9 employees. The company is located at 6400 S. Fiddlers Green Circle, Suite 525 Greenwood Village, Colorado 80111 and can be reached by phone at (844) 762-7723 or online at http://www.sobrsafe.com/.
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