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SOBRsafe closes $10M Nasdaq offering for biometrics-based alcohol detection

SOBRsafe closes $10M Nasdaq offering for biometrics-based alcohol detection
 

SOBRsafe, the touch-based biometric ID verification solution provider for alcohol detection to increase work safety, has raised $10 million as it was up-listed to the Nasdaq.

The primary product from SOBRsafe is a two-finger scanner for biometric identification and transdermal alcohol screening, to curb the harmful effects of intoxication in the workplace.

The closure of the company’s underwritten public offering of 2,352,942 units at a price to the public of $4.25 per unit raised aggregate gross proceeds of $10 million, prior to deducting underwriting discounts, commissions, and other estimated offering expenses.

The process for listing on the NASDAQ capital market was filed back in April, according to reporting by Seeking Alpha.

Aegis Capital Corp. acted as lead book-running manager for the offering and Alexander Capital L.P. acted as co-manager for the offering, SOBRsafe says, adding that it has granted Aegis a 45-day option to purchase additional shares of common stock or warrants to cover over-allotments, if any.

The purchase price per additional share of common stock is equal to the public offering price of one unit. The underwriter partially exercised its over-allotment option with respect to 424,116 warrants to purchase shares of common stock, the announcement adds.

SOBRsafe also states that each unit consists of one share of common stock, par value $0.00001 per share, and two warrants, each warrant exercisable for one share of common stock. The common stock and warrants are immediately separable from the units and were issued separately, and that the warrants are exercisable immediately, expiring five years from the date of issuance, at an exercise price of $4.25.

In 2020, SOBRsafe conducted a pilot with Magswitch for its alcohol detection and fingerprint biometric identity verification technology.

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