SOBR Safe Inc. (Nasdaq:SOBR) is a very interesting device play in the substance detection marketplace. The company has developed a potentially revolutionary touch-based device that instantly detects alcohol levels. It's totally non-invasive and can be deployed to ensure alcohol-induced accidents are entirely prevented in industrial use cases including factory floors, bus fleets, cargo trucking, and other similar applications.
According to company materials, other intended applications include managed care and young drivers. This patent-pending alcohol detection solution helps prevent an intoxicated worker from taking the factory floor; or a driver, the vehicle keys.
SOBR Safe Inc. (Nasdaq:SOBR) most recently announced the closing of a $6 million private placement deal with Aegis Capital Corp. acting as Exclusive Placement Agent.
SOBR management reports that the company issued more than 1.9 million units and 2.1 million pre-funded units at a purchase price of $1.48 a unit. Each unit consists of one share of stock and a non-tradable warrant to buy another share at $1.35. The private placement was priced Sept. 28 and formally closed last Friday. The shares opened at $2.85 on Monday morning and soared from there.
SOBR also recently announced that it has executed on its judicial sales strategy, signing three reseller agreements with national distributors. These agreements provide access to large, established customer networks for the purpose of replacing breathalyzers in the American judicial market following SOBR's recent successes in a leading residential reentry center.
SOBR Safe Inc. (Nasdaq:SOBR) Chairman & CEO Dave Gandini explained, "Distributors are a key force multiplier for SOBRsafe. They have established, trust-based relationships with their customers - all of whom are demonstrated alcohol detection buyers in pursuit of advanced solutions. Our distributors are introducing us to progressive, motivated decision makers, accelerating our market penetration at no fixed cost to SOBRsafe. We look forward to reporting their adoption success to our shareholders."
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