- SOBRsafe CEO and Chairman Dave Gandini recently provided a video update discussing the company’s plans to achieve sustained financial success and build a global legacy
- The company intends to regain compliance with Nasdaq’s listing requirements by effecting a reverse stock split and issuing a new capital raise to exceed the minimum stockholders’ equity threshold
- Retaining its Nasdaq listing is seen as critical to attract and raise capital to continue building operations
- The company has added 35 new accounts in the first and second quarter of the 2024 fiscal year
- SOBRsafe is also implementing robust sales and marketing strategies to present its suite of products to more potential customers in the behavioral health sector
SOBRsafe (NASDAQ: SOBR), a company leveraging its advanced next-generation transdermal alcohol detection technology to empower recovery, recently shared a video update from CEO and Chairman Dave Gandini. In the update, Gandini discussed the company’s approved compliance strategies to ensure continued listing on the Nasdaq Capital Markets (https://ibn.fm/Uy9XX).
“Continuing Nasdaq compliance and maintaining our listing is a top priority above all else. Why? First, we are committed to providing our investors with a clear path to growth, value and liquidity, which requires that Nasdaq listing. With our continued listing and growth, we will attract affordable capital,” said Gandini.
According to Gandini, the company has until October 23 to comply with the minimum bid price requirement. And in line with this requirement, the company plans to pursue a reverse stock split, following approval by an overwhelming majority (87%) of its shareholders. The company also has until October 23 to “demonstrate long-term compliance with the required minimum of $2.5 million in shareholder equity.” According to Gandini, the company hopes to address this requirement through a yet-to-be-announced capital raise.
Gandini also talked about the company’s sales and marketing strategies, noting that SOBRsafe has been focusing its sales efforts primarily on the behavioral health market since late last year. By focusing on this market, Gandini explained, the company aims to “reduce costs, streamline operations, improve outcomes, and save lives.”
The company develops and sells a passive, preventative alcohol screening device called the SOBRcheck(TM) and a continuous alcohol monitoring wristband called SOBRsure(TM). SOBRcheck is fitted with two sensors, one of which scans biometrics data from a user’s fingerprint, with the other detecting any alcohol excreted from the pores in the tip of the finger. The device is powered by the SOBRsafe software platform, which relays results in real time, improving employee throughput at point-of-care facilities. The SOBRsure(TM) device is equally configured to provide app-based reporting via the SOBRsafe platform, supports GPS tracking, and sends removal alerts.
“In 2024, and consistent with our strategy, we have now established our technology, with our first revenue-generating customers in behavioral health growing to 35 accounts in the first and second quarters of this year. In addition, we entered the equivalent verticals in Australia and New Zealand and are gaining traction through a channel partner that we are very excited about. Finally, further international expansion is underway,” Gandini continued.
The company is also keen on marketing its behavioral health solutions to even more facilities and potential customers and has launched a national B2B marketing campaign. “Now that we’ve achieved the behavioral health validation I described earlier, we are at a version of that same commercial evolution. We are working with national communication leaders to rapidly build the SOBRsafe brand,” he remarked.
Gandini noted that the campaign, which draws national agencies across public relations and digital and social media marketing, is designed to capture over four million projected views in the next year and present the company’s suite of hardware and software products to more than 45,000 behavioral health decision makers in the U.S. (https://ibn.fm/N4Fie). “We believe that our approach will increase demand, drive sales and gain market share for us in the fourth quarter and into 2025,” conveyed Gandini.
SOBRsafe believes that its strategy, as discussed in the update, will enable it to achieve sustained financial success, increase shareholder value over the long term, and build a global legacy. And this depends on a cascade of related factors. “First to significantly grow sales, we must invest in national marketing, and we are well on our way. Second, to empower this investment, we must acquire additional capital. Third, to attract this capital, we must retain our Nasdaq listing. And finally, to retain our Nasdaq listing, we are required to split the stock,” Gandini concluded.
To view the video update, visit https://ibn.fm/3RsiG.
For more information, visit the company’s website at www.SOBRsafe.com.
NOTE TO INVESTORS: The latest news and updates relating to SOBR are available in the company’s newsroom at https://ibn.fm/SOBR
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