SOBR.....you've all been had.....again SOBRsafe Announces Pricing of $8.2 Million Private Placement
2024-10-07 16:25 ET - News Release
DENVER, CO / ACCESSWIRE / October 7, 2024 / SOBR Safe, Inc. (NASDAQ:SOBR) ("SOBRsafe"), provider of next-generation transdermal alcohol detection solutions, today announced the pricing of a private placement with certain institutional investors. The aggregate gross cash proceeds are expected to be $8.2 million, before deducting fees to the placement agent and other offering expenses payable by the Company. The Company intends to use the net proceeds from the private placement for general corporate purposes and working capital.
In connection with the private placement, the Company is planning to issue an aggregate of 2,024,691 units. Each unit will be sold at an effective unit price of $4.05 per unit and will consist of one share of common stock (or one pre-funded warrant in lieu thereof), two (2) Series A warrants, each exercisable for one share of common stock at an initial exercise price of $3.80 per share and one Series B warrant at an exercise price of $0.001 to purchase such number of shares of common stock as will be determined on the Reset Date (as defined in the Series B warrant). The Series A warrants and the Series B warrants are exercisable beginning on the date that Stockholder Approval (as defined in the Series A warrant) is obtained. The Series A warrants will have a term of 5 years and the Series B warrants are exercisable until exercised in full. The exercise price and number of shares of common stock issuable upon exercise of the Series A warrants are subject to adjustment upon future dilutive issuances and stock splits, subject to a floor, and the exercise price and number of shares of common stock issuable upon exercise of the Series B warrants are subject to adjustment upon stock splits, subject to a floor, in each case, as described in more detail in the Current Report on Form 8-K to be filed in connection with the private placement.
The closing of the private placement is expected to occur on or about October 8, 2024, subject to the satisfaction of certain customary closing conditions.
Aegis Capital Corp. is acting as the Exclusive Placement Agent for the private placement. Lucosky Brookman LLP is acting as counsel to the Company. Sichenzia Ross Ference Carmel LLP is acting as counsel to Aegis Capital Corp.