As a result of a securities purchase agreement, SOBR Safe Inc. (NASDAQ: SOBR) gained 6.74% to $2.06 in after-hours trading on Thursday. During the last trading session, SOBR lost -21.86% to reach $1.93. Shares of the company were traded between $1.60 and $2.00.
What agreement has SOBR entered into?
SOBRsafe (SOBR) today announced it had entered into a securities purchase agreement with institutional investors for approximately $6.0 million.
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- Under the Nasdaq rules, SOBRsafe will issue 4,054,055 units and pre-funded units with a purchase price of $1.48 per unit.
- Pre-funded units will be sold for the same price less $0.001 for the exercise of pre-funded warrants.
- Units and pre-funded units consist of common shares (or common stock equivalents) and non-tradable warrants exercisable for one common share at $1.35 per share.
- As of the date of issuance, the warrants have a seven-year term.
- Subject to customary closing conditions, we expect the offering to close on or about September 30, 2022.
- The offering is being conducted by Aegis Capital Corp. as the Exclusive Placement Agent.
Additionally, SOBR Safe (SOBR) announced the signing of software as a service (SaaS) agreement with Alternatives, Inc. (“Alternatives”), a leading innovator in correctional and reentry strategies based in Montana. Across two residential facilities, Alternatives provides a wide range of services to more than 7,000 clients, including 450 states, federal, and work release clients.
Proving performance and driving full installation:
It was previously the Alternatives’ responsibility to conduct a field study on SOBRcheck, a touch-based passive alcohol detection system. In the study, the client enrollment process was validated, the multi-scan daily use was validated, and breathalyzers were replaced as the primary front-line screening tool. Currently, Alternatives’ men’s facility has SOBRcheck devices installed at the entry points, allowing clients to confirm their identity and sobriety with just a touch of a finger, with no manual identification logging or invasive breath, blood, or urine samples required. As a result of Microsoft Azure cloud technology, administrators receive results immediately and securely.
Judicial Alcohol Screening Advancing SOBRsafe:
In order to help Alternatives get people back into the mainstream, SOBRsafe will offer a uniform, passive alcohol screenings that will provide real-time results and identity verification. In addition to building community confidence, this information enables clients to build trust toward a productive future. In addition to reporting the results of its installation, SOBRsafe will also support other organizations in the judicial market in reintegrating large client bases in a safe and secure manner.
