SOBR Safe Faces Delisting Notice
Ticker: SOBR · Form: 8-K · Filed: Apr 12, 2024 · CIK: 1425627
| Field | Detail |
|---|---|
| Company | Sobr Safe, Inc. (SOBR) |
| Form Type | 8-K |
| Filed Date | Apr 12, 2024 |
| Risk Level | high |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $2,500,000, $1,982,537, $35 m, $500,000, $1.00 |
| Sentiment | bearish |
Sentiment: bearish
Topics: delisting, compliance, listing-rule
TL;DR
SOBR Safe got a delisting warning from the exchange.
AI Summary
SOBR Safe, Inc. filed an 8-K on April 12, 2024, to report a notice of delisting or failure to satisfy a continued listing rule. The company was formerly known as TransBiotec, Inc. and Imagine Media Ltd.
Why It Matters
This filing indicates potential issues with SOBR Safe, Inc.'s compliance with stock exchange listing requirements, which could impact its stock trading status.
Risk Assessment
Risk Level: high — A notice of delisting or failure to meet listing standards poses a significant risk to the company's stock trading viability.
Key Players & Entities
- SOBR Safe, Inc. (company) — Registrant
- TransBiotec, Inc. (company) — Former company name
- Imagine Media Ltd (company) — Former company name
- April 8, 2024 (date) — Earliest event reported
- April 12, 2024 (date) — Filing date
FAQ
What specific listing rule did SOBR Safe, Inc. fail to satisfy?
The filing does not specify the exact listing rule that SOBR Safe, Inc. failed to satisfy, only that it received a notice of delisting or failure to satisfy a continued listing rule.
What is the date of the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing is April 8, 2024.
What was SOBR Safe, Inc. previously named?
SOBR Safe, Inc. was formerly known as TransBiotec, Inc. and Imagine Media Ltd.
In which state is SOBR Safe, Inc. incorporated?
SOBR Safe, Inc. is incorporated in Delaware.
What is the principal executive office address for SOBR Safe, Inc.?
The principal executive office address for SOBR Safe, Inc. is 6400 S. Fiddlers Green Circle, Suite 1400, Greenwood Village, Colorado 80111.
Filing Stats: 802 words · 3 min read · ~3 pages · Grade level 13.5 · Accepted 2024-04-12 16:21:43
Key Financial Figures
- $2,500,000 — Capital Market to maintain a minimum of $2,500,000 in stockholders' equity for continued l
- $1,982,537 — , 2023 reported stockholders' equity of $1,982,537. In situations where a company does no
- $35 m — a market value of listed securities of $35 million, or net income from continuing op
- $500,000 — et income from continuing operations of $500,000 in the most recently completed fiscal y
- $1.00 — common stock remained below the minimum $1.00 per share requirement for continued inc
Filing Documents
- sobr_8k.htm (8-K) — 26KB
- 0001477932-24-002047.txt ( ) — 147KB
- sobr-20240408.xsd (EX-101.SCH) — 6KB
- sobr-20240408_lab.xml (EX-101.LAB) — 14KB
- sobr-20240408_cal.xml (EX-101.CAL) — 1KB
- sobr-20240408_pre.xml (EX-101.PRE) — 9KB
- sobr-20240408_def.xml (EX-101.DEF) — 2KB
- sobr_8k_htm.xml (XML) — 4KB
01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On April 8, 2024, SOBR Safe, Inc. (the "Company") received a deficiency letter (the "Letter") from the Listing Qualifications Department (the "Staff") of the Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that, based upon the Company's Annual Report on Form 10-K for the period ended December 31, 2023, the Company is not in compliance with the minimum stockholders' equity requirement set forth in Nasdaq Listing Rule 5550(b)(1), which requires companies listed on the Nasdaq Capital Market to maintain a minimum of $2,500,000 in stockholders' equity for continued listing (the "Stockholders' Equity Rule"). The Company's Annual Report on Form 10-K for the period ended December 31, 2023 reported stockholders' equity of $1,982,537. In situations where a company does not comply with the Stockholders' Equity Rule, the Staff may determine whether such company has a market value of listed securities of $35 million, or net income from continuing operations of $500,000 in the most recently completed fiscal year or in two of the last three most recently completed fiscal years. However, the Letter indicated that the Company does not meet these alternative compliance standards. The notification has no immediate effect on the Company's Nasdaq listing and the Company's common stock will continue to trade on Nasdaq under the ticker symbol "SOBR." In accordance with Nasdaq Listing Rule 5810(c)(2), the Company has been provided 45 calendar days, or until Thursday, May 23, 2024, to submit a plan to regain compliance (the "Compliance Plan"). If the Compliance Plan is accepted, the Staff may grant an extension of up to 180 calendar days from the date of the Letter to evidence compliance. If the Staff does not accept the Compliance Plan, the Company will have the opportunity to appeal that decisions to a Nasdaq Hearings Panel. The Company intends to submit the Com
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. SOBR Safe, Inc. a Delaware corporation Dated: April 12, 2024 By: /s/ David Gandini David Gandini, Chief Executive Officer 3