SOBRsafe Completes Strategic Refinance of Maturing Debt

About this update from Sobr Safe, Inc.

[{"type":"text","content":"DENVER, CO / ACCESSWIRE / March 9, 2023 / SOBR Safe, Inc. (NASDAQ:SOBR) (SOBRsafe™), providers of industry-leading alcohol detection solutions, today announced the closing of its offering of $3.5 million aggregate principal amount of convertible senior notes due 2025 (the \"Notes\"), and accompanying warrants (the \"Warrants\") to purchase approximately 0.38 million shares of common stock. The Company intends to replace approximately $2.5 million in existing maturing debt.As previously disclosed, each of the Notes shall include an original issue discount of 15%. The Notes will mature on March 9, 2025, unless earlier converted (only upon the satisfaction of certain conditions). The initial conversion price is $2.28 per share of common stock, subject to adjustment upon the occurrence of specified events.The Warrants are exercisable immediately upon the date of issuance and have an initial exercise price of $2.52. The Warrants expire five years from the date of issuance.\"This minimally dilutive financing is consistent with our long-term capital markets strategy, and allows us to ‘pull-forward' technology enhancements previously considered for 2024,\" said Chairman & CEO David Gandini. \"With this accelerated pace, we can be even more opportunistic in executing our sales, integration and licensing strategy - while further extending our financial runway.\"Aegis Capital Corp. acted as exclusive placement agent for the Offering.The securities described above were sold in a private placement and have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission (the \"SEC\") or an applicable exemption from such registration requirements. The securities were offered only to accredited investors. Pursuant to a registration rights agreement with the investors, the Company has agreed to file one or more registration statements with the SEC covering the resale of the common stock issuable upon conversion of the Notes and exercise of the Warrants.This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to ...

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