Business
Iveda Announces Pricing of $8.0 Million Public Offering, Uplisting to Nasdaq and Reverse Stock Split
MESA, AZ., March 31, 2022 (GLOBE NEWSWIRE) -- Iveda Solutions, Inc (OTCQB: IVDA) (“Iveda” or the “Company”), the worldwide provider of IvedaAI™ intelligent
About this update from Iveda Solutions, Inc.
[{"type":"text","content":"MESA, AZ., March 31, 2022 (GLOBE NEWSWIRE) -- Iveda Solutions, Inc (OTCQB: IVDA) (“Iveda” or the “Company”), the worldwide provider of IvedaAI™ intelligent video search technology, Sentir® video surveillance products, IvedaPinpoint™ and IvedaHome™ IoT (Internet of Things) platforms with smart devices, today announced the pricing of its underwritten public offering of 1,885,000 shares of common stock, and accompanying warrants to purchase 1,885,000 shares of common stock, at an aggregate offering price of $4.25 per share of common stock and accompanying Warrant. The Warrants will be immediately exercisable at a price of $4.25 per share of common stock and will expire five years from the date of issuance. The shares of common stock and the accompanying Warrants can only be purchased together in the offering, but will be issued separately and will be immediately separable upon issuance. The common stock and Warrants are expected to begin trading on the Nasdaq Capital Market on April 1, 2022, under the symbols “IVDA” & “IVDAW,” respectively. Iveda expects to receive gross proceeds of $8.0 million, before deducting underwriting discounts and commissions and other estimated offering expenses. In connection with the offering and to qualify for Nasdaq listing, the Company effectuated a reverse split of its issued and outstanding common stock at a ratio of 1-for-8. The reverse stock split became effective at 6:00 P.M., Eastern Time, on Thursday, March 31, 2022. The share numbers and pricing information in this release are adjusted to reflect the impact of the reverse stock split. The new CUSIP number for the common stock following the reverse split is 46583A204. Iveda has granted the underwriters a 45-day option to purchase up to an additional 279,700 shares of common stock and/or up to an additional 279,700 Warrants at the public offering price to cover over-allotments, if any. The offering is expected to close on April 5, 2022, subject to customary closing conditions. Maxim Group LLC is acting as sole book-running manager for the offering. The offering is being conducted pursuant to the Company’s registration statement on Form S-1 (File No. 333-261963), as amended, previously filed with, and subsequently declared effective by, the Securities and Exchange Commission (“SEC”). A final prospectus relating to the offering will be filed with...