Sobr Safe Inc Stock Price, News & Analysis

Aegis Capital Corp. successfully acted as Exclusive Placement Agent for a $3.5 Million Convertible Senior Notes Offering for SOBR Safe, Inc. (NASDAQ:SOBR) on March 10, 2023. SOBR Safe offers a touch-based identity verification and alcohol detection system, addressing the $249 billion annual cost of alcohol abuse in the U.S. Their technology is designed for various applications including commercial fleets and workplaces, aiming to prevent intoxicated individuals from operating vehicles or machinery. The company is expanding its patent-pending solutions across industries, enhancing safety and compliance.

SOBR Safe, Inc. (NASDAQ:SOBR) announced the successful closing of a $3.5 million offering of convertible senior notes due March 2025 and accompanying warrants. The financing aims to replace approximately $2.5 million in existing debt. The notes feature a 15% original issue discount and an initial conversion price of $2.28 per share, while the warrants allow for the purchase of shares at $2.52. The company intends to accelerate technology enhancements and extend its financial runway. Aegis Capital Corp. acted as the exclusive placement agent for this offering.

SOBR Safe, Inc. (NASDAQ:SOBR) announced a securities purchase agreement to issue $3.5 million in convertible senior notes due 2025, accompanied by warrants for approximately 0.38 million shares. This initiative aims to replace $2.5 million of existing debt, enhancing the company’s financial position. The notes feature a 15% original issue discount and an initial conversion price of $2.28 per share. The CEO emphasized that this financing is minimally dilutive and will allow for accelerated technology enhancements. The offering is a private placement, aimed at accredited investors, with a closing date expected on March 9, 2023.

SOBR Safe, Inc. (NASDAQ:SOBR) has signed a SaaS agreement with a Native American tribe to implement its SOBRcheck™ technology for ensuring a 100% alcohol-free transit fleet. This marks SOBRsafe's first venture among the 574 sovereign tribal nations in the U.S. The technology, recognized as an Occupational Health & Safety 2022 New Product of the Year, detects alcohol through a finger touch, eliminating the need for traditional sampling methods. The initiative aims to enhance community transit safety and could extend to other safety-sensitive areas. SOBRsafe positions this partnership as part of its growth strategy for 2023.

SOBR Safe, Inc. (NASDAQ: SOBR) has announced that BGM Electronic Services, Inc., a key supplier for major automotive companies including Ford, GM, and Stellantis, will implement SOBRcheck™, SOBRsafe’s alcohol screening solution. This partnership marks SOBRsafe’s entry into the $4 billion U.S. manufacturing market. BGM, recently acquired by Berkshire Hathaway, recognizes SOBRcheck as a significant advancement in workplace safety. SOBRcheck detects alcohol through fingertip contact, eliminating the need for traditional testing methods. The technology is integrated into various applications, aiming to enhance safety in workplaces and transportation.

SOBR Safe, Inc. (NASDAQ:SOBR) announced the hiring of Chris Burton as the new Director of Commercial Development. With over 15 years of experience in enterprise technology sales, Burton will spearhead SOBRsafe's entry into the $8 billion U.S. telematics market. His previous roles include significant successes in smart fleet SaaS solutions. Burton aims to connect SOBRsafe with major telematics companies and integrate their alcohol detection technology into vehicles by 2026, as mandated by H.R. 3684. SOBRsafe's innovative solutions focus on workplace safety and the prevention of intoxicated operations, addressing a critical need in several industries.

SOBRsafe has advanced in the development of its SOBRsure alcohol monitoring wearable, which is set to transform the rehab and fleet safety markets. The company has shipped pre-commercial units for environmental validation and plans to capitalize on a combined market opportunity of $10.4 billion. The wearable offers continuous alcohol monitoring and GPS tracking, notifying administrators upon detection. SOBRsafe has received an initial order for 1,150 units aimed at improving recovery rates. The technology is designed for various sectors, including commercial fleets and rehabilitation.

SOBR Safe, Inc. (NASDAQ:SOBR) emphasized its role in preventing school bus accidents like the recent incident involving an intoxicated driver. The company's SOBRcheck technology allows for quick alcohol screening, ensuring drivers are sober before operating vehicles. The system provides results in just 10 seconds, aiming to enhance child safety. SOBRsafe's innovation received the Child Safety Network Safe Family Seal of Approval and was recognized as New Product of the Year by Occupational Health & Safety. With the alcohol abuse crisis costing the U.S. $249 billion annually, SOBRsafe focuses on creating a preventative culture in various sectors.