SOBR Safe, Inc. (NASDAQ:SOBR), a company specializing in publishing and printing, announced today that during its 2024 Special Stockholder Meeting on Monday, the issuance of up to 20,638,326 shares of common stock upon exercise of a warrant was approved by shareholders. The meeting, which was held virtually, saw the participation of 37.78% of the total shares outstanding and entitled to vote.
The sole proposal put to vote, Proposal 1, pertained to the issuance of shares upon conversion of a Common Stock Purchase Warrant dated June 4, 2024. The approval was necessary to comply with Nasdaq rules. The proposal received a favorable vote with 10,708,377 shares for, 639,907 against, and 33,304 abstentions. This affirmative vote enables the company to issue additional shares, which could potentially dilute the current ownership percentages of existing shareholders.
Proposal 2, related to the adjournment of the Special Meeting to solicit more proxies if there were insufficient votes to approve Proposal 1 or establish a quorum, was not presented as the required quorum was met and preliminary results indicated approval for Proposal 1.
SOBR Safe, Inc., headquartered in Greenwood Village, Colorado, convened the meeting following the guidelines outlined in the Proxy Statement filed with the Securities and Exchange Commission on June 24, 2024. The record date for determining shareholders eligible to vote was June 18, 2024.
In other recent news, SOBR Safe, Inc. has made significant strides in improving its financial position. The company recently raised approximately $2.8 million in gross proceeds through the full exercise of outstanding warrants and debt conversion, which also led to the elimination of $2.6 million in debt. This financial enhancement has been viewed positively by SOBR Safe's CEO & Chairman, Dave Gandini, who believes it positions the company for accelerated growth and improves its chances of regaining Nasdaq listing compliance.
Furthermore, SOBR Safe has been making moves on the product front as well. The company recently announced the sale of its SOBRcheck and SOBRsure devices to Lake Erie Interlock, Inc., marking an expansion of their alcohol detection technology services in Ohio. These devices offer non-invasive, real-time alcohol testing and continuous monitoring, making them an essential tool for probation officers, treatment centers, and sober living facilities.
However, it's essential to note that while these developments are promising, they are based on SOBR Safe's forward-looking statements, which are subject to risks and uncertainties. Investors interested in more detailed information can review the company's filings with the SEC.
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