SOBR Safe, which is developing a non-invasive alcohol detection and identity verification system, narrowed the price range for its upcoming IPO on Friday. In its latest filing, the company also replaced its sole bookrunner Alexander Capital with Aegis Capital Corp.
The Greenwood Village, CO-based company now plans to raise $12 million by offering 2.7 million units at a price range of $4.25 to $4.75. Each unit contains one share of common stock and two warrants, exercisable at the IPO price. The company had previously filed to offer the same number of units at a range of $4 to $5. At the midpoint of the revised range, SOBR Safe will raise the same proceeds as previously anticipated and command a fully diluted market value of $48 million.
Because the company plans to offer units with warrants attached, SOBR Safe will be excluded from Renaissance Capital's stats.
SOBR Safe was founded in 2007 and plans to list on the Nasdaq under the symbol SOBR. Aegis Capital Corp. is the sole bookrunner on the deal.
