SOBR Safe Faces Delisting Concerns
Ticker: SOBR · Form: 8-K · Filed: May 20, 2024 · CIK: 1425627
| Field | Detail |
|---|---|
| Company | Sobr Safe, Inc. (SOBR) |
| Form Type | 8-K |
| Filed Date | May 20, 2024 |
| Risk Level | high |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $1.00, $2,500,000 |
| Sentiment | bearish |
Sentiment: bearish
Topics: delisting, listing-standards, compliance
TL;DR
SOBR Safe might get delisted - stock exchange rules are a problem.
AI Summary
SOBR Safe, Inc. filed an 8-K on May 20, 2024, reporting a notice of delisting or failure to satisfy a continued listing rule or standard, with the earliest event date being May 15, 2024. The company, formerly known as TransBiotec, Inc. and IMAGINE MEDIA LTD, is incorporated in Delaware and headquartered in Greenwood Village, Colorado.
Why It Matters
This filing indicates potential issues with SOBR Safe's compliance with stock exchange listing requirements, which could impact its stock's tradability and investor confidence.
Risk Assessment
Risk Level: high — A notice of delisting or failure to meet listing standards poses a significant risk to the company's continued trading on an exchange.
Key Players & Entities
- SOBR Safe, Inc. (company) — Registrant
- TransBiotec, Inc. (company) — Former Company Name
- IMAGINE MEDIA LTD (company) — Former Company Name
- May 15, 2024 (date) — Earliest event date
- May 20, 2024 (date) — Filing date
FAQ
What specific listing rule or standard has SOBR Safe, Inc. failed to satisfy?
The filing does not specify the exact rule or standard that SOBR Safe, Inc. has failed to satisfy, only that a notice of delisting or failure to satisfy a continued listing rule or standard has been issued.
What is the earliest event date reported in this 8-K filing?
The earliest event date reported in this 8-K filing is May 15, 2024.
When was this 8-K filing submitted to the SEC?
This 8-K filing was submitted to the SEC on May 20, 2024.
What were the previous names of SOBR Safe, Inc.?
SOBR Safe, Inc. was formerly known as TransBiotec, Inc. and IMAGINE MEDIA LTD.
Where is SOBR Safe, Inc. incorporated and headquartered?
SOBR Safe, Inc. is incorporated in Delaware and its principal executive offices are located in Greenwood Village, Colorado.
Filing Stats: 846 words · 3 min read · ~3 pages · Grade level 15.3 · Accepted 2024-05-17 18:50:12
Key Financial Figures
- $1.00 — common stock remained below the minimum $1.00 per share requirement for continued inc
- $2,500,000 — Capital Market to maintain a minimum of $2,500,000 in stockholders' equity for continued l
Filing Documents
- sobr_8k.htm (8-K) — 26KB
- 0001477932-24-003125.txt ( ) — 147KB
- sobr-20240515.xsd (EX-101.SCH) — 6KB
- sobr-20240515_lab.xml (EX-101.LAB) — 14KB
- sobr-20240515_cal.xml (EX-101.CAL) — 1KB
- sobr-20240515_pre.xml (EX-101.PRE) — 9KB
- sobr-20240515_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. As previously reported in a Current Report on Form 8-K filed November 21, 2023, on November 15, 2023, SOBR Safe, Inc. (the "Company") received a deficiency letter from the Listing Qualifications Department (the "Staff") of The Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that, for the preceding 30 consecutive business days, the closing bid price of the Company's common stock remained below the minimum $1.00 per share requirement for continued inclusion on The Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(a)(2) (the "Bid Price Requirement"). The Company was provided an initial period of 180 calendar days, or until May 13, 2024, (the "Compliance Period") to regain compliance with the Bid Price Requirement. On May 15, 2024, the Company received a staff determination letter (the "Determination Letter") from the Staff notifying the Company that it had not regained compliance with the Bid Price Requirement by May 13, 2024, and is not eligible for a second 180-day period due to the Company's failure to comply with the minimum stockholders' equity initial listing requirement for The Nasdaq Capital Market. As previously reported in the Company's Current Report on Form 8-K filed April 12, 2024, on April 8, 2024, the Company received a deficiency letter from the Staff 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"). Pursuant to Nasdaq Listing Rule 5810(d)(2), the failure to comply with the Stockholders' Equity Rule has become an additional and separate basis for deli
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: May 17, 2024 By: /s/ David Gandini David Gandini, Chief Executive Officer 3