SOBRsafe Inc. (NASDAQ: SOBR), a company specializing in next-generation alcohol monitoring and detection technology, has completed a $2.0 million private placement. The transaction involved the issuance of 1,290,324 shares of common stock, or pre-funded warrants, along with Series C and Series D warrants to purchase up to an aggregate of 2,580,648 additional shares. The offering was priced at $1.55 per share, with associated warrants exercisable at $1.30 per share. H.C. Wainwright & Co. acted as the exclusive placement agent for the offering, while Aegis Capital Corp. received a cash tail fee. The company stated that the net proceeds from the placement are intended for working capital and general corporate purposes. This financial move follows the company's previously disclosed at-the-market offering under Nasdaq rules.
The significance of this capital raise lies in its potential to accelerate the deployment of SOBRsafe's proprietary technology. The company's core innovation is a transdermal, or touch-based, alcohol detection system. Unlike traditional methods that require breath, blood, or urine samples, SOBRsafe's technology detects and reports the presence of alcohol as it is emitted through a user's skin in real-time. This passive and dignified approach to screening is designed for applications in behavioral health, family law, consumer markets, and for potential licensing and integration by other entities. The company emphasizes that its platform enables trust and empowers recovery. By providing a non-invasive monitoring solution, it aims to address the needs of various sectors where alcohol detection is critical. More information about the company and its technology can be found on its official website at https://www.sobrsafe.com.
The private placement was announced via a press release distributed through InvestorWire, a specialized communications platform that is part of the Dynamic Brand Portfolio at IBN. InvestorWire provides wire-grade press release syndication and other corporate communications services. For more information on InvestorWire, visit https://www.InvestorWire.com. The platform's full terms of use and disclaimers are available at https://www.InvestorWire.com/Disclaimer. The latest news and updates relating to SOBR are available in the company’s newsroom at https://ibn.fm/SOBR.
This funding round represents a strategic step for SOBRsafe as it seeks to expand the reach and impact of its alcohol detection technology. The capital infusion is expected to support the company's operational goals and its mission to provide advanced, human-centric monitoring solutions across its target markets. The technology's real-time, touch-based detection offers a less intrusive alternative to conventional methods, potentially improving compliance and outcomes in settings where alcohol monitoring is essential. The investment underscores confidence in SOBRsafe's approach to addressing a significant need in multiple industries through innovative detection solutions.
