SIGA - What Is Going on With Sobr Safe (SOBR) Stock Today?
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Sobr Safe (NASDAQ:SOBR) stock is falling on Friday after the company announced the pricing of a $6 million private placement.
This private placement has institutional investors agreeing to acquire 4,054,055 of the company’s units and pre-funded units for $1.48 each. Each unit contains one share of SOBR stock and a warrant for another share exercisable at $1.35. The term on the warrants is seven years after being issued.
Investors will note that the private placement for SOBR stock is well below its closing trading price of $2.47 per share yesterday. In addition to that, the introduction of more shares dilutes current investors’ stake in the company.
The Placement Comes After Recent Rallies
There’s been several bits of news lately that have resulted in investors hyping up shares of SOBR stock. That includes the company revealing non-invasive technology to reduce the risk of alcohol issues. This has it focusing on preventive measures instead of reactive measures.
To go along with that, Sobr Safe’s SOBRcheck is replacing breathalyzers at correction company Alternatives’s facilities. The device allows for testing sobriety with just the touch of a finger.
Shares of SOBR stock are seeing decent trading today alongside the private placement news. This has more than 1.5 million shares on the move as of this writing. That’s closing in on its daily average trading volume of about 1.8 million shares
SOBR stock is down 29.5% as of Thursday afternoon.
Investors looking for more of the latest stock market news are in the right place!
InvestorPlace has traders covered with all the hottest stock happenings for Thursday! A few examples include why shares of BigBear.ai (NYSE:BBAI), Siga Technologies (NASDAQ:SIGA), and retail stocks are in the news today. You can check out the following links for more info!
More Thursday Stock Market News
- Why Is BigBear.ai (BBAI) Stock Up 35% Today?
- SIGA Stock Alert: Siga Technologies Receives $11 Million Order for Monkeypox Drug
- Why Are Retail Stocks WMT, TGT, COST Down Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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