SOBR Safe (SOBR) Shares Tumble 36% After Hours: Here's Why

Sobr Safe Inc.’s (NYSE:SOBR) shares fell 35.91% to $0.13 in after-hours trading Tuesday after the company disclosed that Nasdaq will delist its common stock effective Wednesday. SOBR Safe develops touch-based and wearable technologies for alcohol detection and wellness data. Nasdaq Delisting SOBR Safe received a Nasdaq delisting notice on Sept. 14, with its common stock set to be delisted at the open of trading Sept. 16. The company said its shares will no longer trade on Nasdaq and will begin quotation on the OTC Markets under the same "SOBR" ticker. It has applied for OTC Markets listing and expects approval for the OTCQB tier in the coming weeks. The delisting follows the company’s failure to meet Nasdaq’s $1 minimum bid-price requirement. SOBR Safe previously received a deficiency letter after its closing bid price remained below $1 for 30 consecutive business days. The company’s prior reverse stock splits also made it ineligible for Nasdaq’s standard 180-day compliance period. SOBR Safe had received a stay of delisting while pursuing its merger with Clean World Ventures. The company said the merger is unlikely to close by its Oct. 15 termination date because a new Nasdaq listing application would be required. The company also said its stockholders’ equity was below Nasdaq’s $2.5 million requirement and that it did not meet the alternative requirements. SOBR Safe’s board decided not to appeal the equity deficiency or request a review of the delisting decision. Read Also: Iran is Defenseless Narrative is Fiction, Says Minister: Hundreds of US Military Sites 'Blown to Pieces' Trading Metrics SOBR Safe has a market capitalization of $1.09 million. The stock has a 52-week high of $3.97 and a 52-week low of $0.18. SOBR Safe shares are down 93.66% over the past year. Benzinga’s Edge Stock Rankings show a negative price trend across the short-, medium- and long-term time frames. Price Action: In the regular session, the stock fell 47.96% to close at $0.20, according to Benzinga Pro data. See More: Top Quality Stocks Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. Photo Courtesy: Kumotion on Shutterstock.com