SOBR Safe, Inc. (SOBR) plans to raise $12 million in an IPO on Wednesday, April 27, IPO Scoop reports. The company will issue 2,400,000 shares at $4.50-$5.50 per share.
SOBR Safe, Inc. has a market capitalization of $51 million.
Alexander Capital, LP acted as underwriter for the IPO and Revere Securities LLC was co-manager.
SOBR Safe, Inc. provided the following company description for its IPO: “(Note: This is NOT an IPO. This is a NASDAQ update from market OTCQB. IPOScoop has NO CALL on updates. In an S-1/A filing dated April 8, 2022, SOBR Safe, Inc. reduced its public offering for NASDAQ listing to 2 .4 million shares – reorganizing the proposed listing by removing warrants. Original terms called for 3 million units. (Note: Unless otherwise noted, share and per share information contained herein prospectuses reflect a reverse stock split of the outstanding common shares of the Company at an assumed one to three (1:3) ratio that will occur immediately after the effective date but before the close of the financial statements, which are included on pages F-1 to F-60, and the disclosure of the management report related, have not been adjusted for the planned 1-for-3 stock split.) We intend to provide companies with non-invasive technology to quickly and safely identify potential alcohol problems with their employees. or contractors, which, if undetected, could result in injury or death. These technologies will be integrated into our robust and scalable data platform, producing statistical and measurable user and business data. Our mission is to save lives, increase productivity, create meaningful economic benefits for our customers and positively impact behaviors. To this end, we have developed the scalable and patent-pending software platform SOBRSafe™ for non-invasive alcohol detection and identity verification, a solution that has anticipated applications in commercial vehicle fleets. , manufacturing and warehousing, construction, and for commercial fleets and young drivers. in portable 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 several pilot test programs involving our SOBRcheck™ device, which is our first device with our scalable, patent-pending SOBRSafe™ software platform for non-invasive alcohol detection and alcohol verification. identity. These pilot programs made it possible to validate both our SOBRSafe™ software platform and our SOBRcheck™ device. As a result, we have now progressed to commercial production of our first SOBRcheck™ devices, which we have started using for our first customers. At the end of 2021, we had several customers in the sales cycle, but our SOBRcheck™ devices were not delivered to them until January 2022. As a result, we will not invoice these customers or collect revenue from customers until the first quarter. of 2022. The schedule for our commercial launch of our SOBRcheck™ device has been delayed several times in 2021 mainly due to our pursuit of adequate funding (obtained since), the signing of pilot customers to test our device (this which was more challenging over the summer due to the travel schedules of 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 discovered that alcohol-based hand sanitizer caused false readings by the device. In response to this discovery, we have made adjustments to our SOBRSafe™ technology testing and added a mandatory protocol for not using alcohol-based sanitizers to our protocols for using the SOBRcheck™ device. Our second device, a SOBRsure™ wearable bracelet, uses the same SOBRsafe™ sensor technology, proven in SOBRcheck™ pilot tests. The primary intended application for this strip is for young individual drivers and commercial fleet management, with additional potential application in alcohol rehabilitation. We expect the wearable bracelet to be commercially available in August 2022. Manufacturing and assembly of our SOBRcheck™ device will take place in the United States. Our SOBRsafe™ technology can also be deployed on many additional devices for various uses; Among those we are currently exploring are possible integrations with existing telematics systems for fleet vehicles, as well as law enforcement technologies to improve public safety. Additionally, we are proactively evaluating other emerging technologies that detect or could detect the presence of other substances in the human body. Currently, our plan is to deploy our SOBRSafe™ technology in two initial devices: the SOBRsure™ wearable bracelet 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 on the web at http://www.sobrsafe.com/ .
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