Why Is SOBR Safe Stock Rocketing On Premarket Friday?

SOBR Safe, Inc. (NASDAQ:SOBR) shares are trading higher Friday morning. On Thursday, the company filed a Form RW indicating that it has decided not to proceed with the proposed public offering at this time.

The Commission has not declared the Registration Statement effective, and no securities have been sold in connection with the offering.

Recently, the company announced the pricing of a private placement with institutional investors, expected to raise $8.2 million in gross proceeds.

The company planned to issue 2.02 million units at $4.05 per unit, each consisting of one share of common stock or a pre-funded warrant, along with Series A and Series B warrants.

The proceeds were intended to be used for general corporate purposes and working capital. The private placement was expected to close by October 8, pending customary closing conditions.

Price Action: SOBR shares are up 116.3% at $17.20 premarket at the last check Friday.

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