SOBR Safe, which is developing a non-invasive alcohol detection and identity verification system, lowered the proposed deal size for its upcoming IPO on Friday. The company is currently listed on the OTC (SOBR).
In its latest filing, SOBR Safe also removed the warrants from its offering. The company originally filed for a Nasdaq uplisting in February, but was not eligible for tracking because it planned to offer units with warrants attached.
The Greenwood Village, CO-based company now plans to raise $12 million by offering 2.4 million shares at a price range of $4.50 to $5.50. The company had previously filed to offer 3 million units at the same range. At the midpoint, SOBR Safe will raise -20% less in proceeds than previously anticipated.
The company is developing its scalable, patent-pending SOBRSafe software platform for non-invasive alcohol detection and identity verification, which it believes will have applications in commercial vehicle fleets, manufacturing and warehousing, construction, and for commercial fleet and youth drivers in a wearable form. The company has successfully completed several pilot testing programs involving its first SOBRcheck device. Its second device, a wearable wristband SOBRsure, utilizes the same sensor technology.
SOBR Safe was founded in 2007 and plans to list on the Nasdaq under the symbol SOBR. Alexander Capital is the sole bookrunner on the deal.
