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Message: SOBR Safe files to uplist stock to Nasdaq, hold $15M IPO

SOBR Safe (OTCQB:SOBR), a maker of alcohol detection devices, has filed to uplist its shares to Nasdaq and hold a $15M initial public offering.

The device maker said in a filing that it plans to offer enough units to raised $15M, priced between $4.50 and $5.50 per unit. Each unit will consist of one share plus one warrant to buy one share at 125% the public price.

Underwriters will be granted a 45-day option to buy up to 450k additional shares and/or warrants. Alexander Capital is serving as sole bookrunner.

SOBR Safe is applying to list its shares on Nasdaq under the symbol SOBR and plans to conduct a 3-for-1 reverse stock split ahead of the IPO. Its shares are currently traded OTC, with the company having a market capitalization of around $63M as of Tuesday.

Based in Colorado, SOBR Safe has developed portable devices to detect the presence of alcohol. The devices are used to identify potential alcohol use problems in workers and contractors.

For the year 2021, SOBR Safe reported a net loss of $8M and no revenue. The company began delivery of its first device, SOBRcheck, in January. A rollout of its second device, SOBRsure, is planned for August.

The company hired a new chief financial officer in February.

 

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