Market Mover: SOBR Safe Shares Soar on Premarket Trading
A Dramatic Shift in Plans
Shares of SOBR Safe, Inc. (NASDAQ:SOBR) are experiencing a significant surge in premarket trading Friday, with a staggering 116.3% increase to $17.20. This sudden upswing comes on the heels of a major announcement from the company.
A Change of Heart
On Thursday, SOBR Safe filed a Form RW, indicating that it has decided to abandon its proposed public offering. The Registration Statement has not been declared effective by the Commission, and no securities have been sold in connection with the offering.
Private Placement Takes Center Stage
In recent news, the company announced the pricing of a private placement with institutional investors, expected to raise a substantial $8.2 million in gross proceeds. The private placement involves the issuance of 2.02 million units at $4.05 per unit, comprising one share of common stock or a pre-funded warrant, accompanied by Series A and Series B warrants. The proceeds are intended to be utilized for general corporate purposes and working capital.
What’s Next?
The private placement is expected to close by October 8, pending customary closing conditions. With this new development, investors are eager to see how SOBR Safe will utilize the funds to drive growth and expansion.
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