SOBR Safe, which is developing a non-invasive alcohol detection and identity verification system, revised the terms of its upcoming IPO on Thursday. In its latest filing, the company also added back warrants to its offering.
Because the company plans to offer units with warrants attached, SOBR Safe is no longer eligible for tracking and will be excluded from Renaissance Capital's stats.
The Greenwood Village, CO-based company now plans to raise $12 million by offering 2.7 million units at a price range of $4 to $5. Each unit consists of one share of common stock and one warrant, exercisable at 100% of the IPO price. The company had previously filed to offer 2.4 million shares at a range of $4.50 to $5.50. At the midpoint of the revised range, SOBR Safe will raise the same amount of proceeds and command a fully diluted market value of $48 million (-9% vs. previous terms).
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.
