SOBR Safe (NASDAQ: SOBR) (“SOBRsafe”), a provider of next-generation transdermal alcohol detection solutions, today announced the closure of a private placement with certain institutional investors. The offering, which consisted of 2,024,691 units issued by the company, raised aggregate gross cash proceeds of $8.2 million before deductions. SOBRsafe plans to use the net proceeds from the private placement for general corporate processes and working capital.
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About SOBRsafe(TM)
Alcohol misuse is the fourth leading cause of preventable death in America, and the seventh worldwide. Yet prevention and monitoring solutions have not kept pace with this epidemic. Legacy technologies are invasive and inefficient, unhygienic and unconnected. There has to be a better way. Enter SOBRsafe(TM), where advanced transdermal (touch-based) technology detects and instantaneously reports the presence of alcohol as emitted through a user’s skin – no breath, blood or urine sample is required. With a powerful backend data platform, SOBRsafe provides next-generation, passive detection technology for the behavioral health, judicial and consumer markets, and for licensing and integration. The SOBRsafe technology is commercially available for point-of-care screening (“SOBRcheck”) and continuous monitoring (“SOBRsure”). SOBRsafe is creating a culture of prevention and support. To learn more, visit www.SOBRsafe.com.
NOTE TO INVESTORS: The latest news and updates relating to SOBR are available in the company’s newsroom at https://ibn.fm/SOBR
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