The company revealed it is moving to execute warrants for 2.36 million shares that were originally priced at $1.30. Alongside this maneuver, SOBR Safe is issuing new Series E and Series F warrants, matching the same $1.30 exercise price. These offerings are projected to generate approximately $3.1 million in gross proceeds for the firm.
In section Market Quotes
SOBR Safe Stock Tumbles Following Warrant Exercise Deal
A sharp reversal hit SOBR Safe shares after the company announced an agreement to exercise outstanding warrants at a discounted rate. The news erased earlier gains, sending the stock down 49% to $1.06 in after-hours trading, a stark contrast to its 77% rally during the regular session.
Management intends to allocate the net capital toward general corporate expenses and the ongoing merger with Clean World Ventures. Before this after-hours decline, the stock had experienced a relatively stable year, recording a minor 3.3% dip prior to today's volatility.
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