UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
Current Report
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter) |
|
| |||
(State or other jurisdiction of incorporation) |
| (Commission File Number) |
| (IRS Employer Identification No.) |
(Address of principal executive offices) (zip code)
(
(Registrant’s telephone number, including area code)
(Former name or former address if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
|
|
|
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
|
|
|
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
|
|
|
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
| Trading Symbol(s) |
| Name of each exchange on which registered |
|
| The (Nasdaq Capital Market) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.05. Costs Associated with Exit or Disposal Activities.
On July 10, 2026, the Board of Directors approved and committed to a course of action to discontinue its revenue generating operations derived from its alcohol monitoring and detection hardware and software solutions effective July 31, 2026 which includes the sale of the Company’s SOBRcheck and SOBRsure devices, and its SOBRsafe software services. This plan of action is in connection with the Company’s restructuring as disclosed in our Current Report on Form 8-K filed on May 13, 2026.
By the end of July 2026, the Company will have discontinued the manufacturing of the SOBRcheck and SOBRsure devices, terminated software support agreements necessary to provide the SOBRsafe software services to customers, and terminated the corporate office lease agreement. In June 2026, the Company further reduced its workforce by three employees. These actions will decrease the Company’s annual operating costs by approximately $1.2 million.
The Company estimates it will incur aggregate costs of approximately $50,000 which is primarily related to severance payments and other employee-related costs, agreement termination costs, and corporate office decommissioning. The charges and costs associated with this course of action are subject to a number of assumptions, and actual results may differ materially. The Company may also incur additional costs not currently contemplated due to the events that may occur as a result of, or that are associated with, the workforce reduction or contract terminations.
This course of action is being taken to preserve cash resources to support the completion of the proposed business combination with Clean World Ventures, Inc. as disclosed in our Current Report on Form 8-K as filed on April 30, 2026.
This Item 2.05 contains forward-looking statements, including, but not limited to, statements related to the expected costs associated with termination benefits and the financial impact of the reduction in force. These forward-looking statements are based on the Company’s current expectations and inherently involve significant risks and uncertainties. The Company’s actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks related to cost reduction efforts. In addition, the Company’s workforce reduction costs may be greater than anticipated and the workforce reduction may have an adverse impact on the Company’s development activities. Risks and uncertainties facing the Company are described more fully in its Form 10-K/A filed with the Securities and Exchange Commission (the “SEC”) on May 5, 2026, under the heading “Risk Factors,” and other documents that the Company has filed or will file with the SEC. You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date of this Item 2.05. The Company disclaims any obligation or undertaking to update, supplement or revise any forward-looking statements contained in this Item 2.05.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
104 |
| Cover Page Interactive Data File (embedded within the Inline XBRL document) |
2 |
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: July 10, 2026 | By: | /s/ Christopher Whitaker |
|
|
| Christopher Whitaker, Chief Financial Officer |
|
3 |