SOBR....You have to read this Stronger Financial Positioning
SOBRsafe has continued its effort to strengthen its financial position and restructure the composition of its equity during Q2 2024. Through Q2, Convertible Debt noteholders converted the full balance of the outstanding notes to common shares resulting in SOBRsafe eliminating its debt obligation due in March 2025 in relation to these notes. Further, SOBRsafe entered into a Warrant Inducement arrangement on June 4, 2024, providing the Company with net cash proceeds of $2.4 million in exchange for the exercise of approximately 10.3 million warrants to common shares and issuance of 20.8 million additional plain vanilla warrants.
Noted SOBRsafe CFO Christopher Whitaker, "With the execution of the Company's strategy to strengthen the balance sheet through the acquisition of liquidity and reduction in future debt obligations, exchange of equity units with unfavorable terms to those conducive to our growth, and in retaining the Company's public market listing, we continue to fortify our financial position and improve our ability to raise capital in the future."
Sales Progress
In Q2 2024, SOBRsafe secured 17 customer accounts, increasing its 2024 new customer total to 33. Revenue increased by 44% from Q2 2023, to $54,191.