SOBRsafe Receives $2.8 Million in Gross Proceeds from Exercise of Warrants
SOBR Safe, Inc. (NASDAQ:SOBR), provider of next-generation transdermal alcohol detection solutions, announced today that it has received approximately $2.8 million in gross proceeds from the exercise of Warrants. Details on the transaction are below, or view the corresponding Form 8-K.
SOBRsafe has also settled its remaining debt balances through the conversion of outstanding Notes Payable into 4,358,957 shares of Common Stock.
"These are very positive developments for the future of SOBRsafe," affirmed CEO & Chairman Dave Gandini. "We have significantly strengthened our balance sheet with both this infusion of capital and elimination of $2.6 million in debt, which alleviates future cash payments. Moreover, we have increased our prospective equity balances consistent with our plan to regain the Company's Nasdaq listing compliance. We continue to build flexibility into our capital structure, and believe we are now better positioned for accelerated growth."
Aegis Capital Corporation acted as warrant inducement agent and financial advisor in connection with the transaction. Kaufman & Canoles, P.C. represented Aegis in connection with the transaction. Lucosky Brookman LLP represented the SOBR safe in connection with the transaction.