MESA, AZ., March 31, 2022 – – 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 the SEC and will be available on the SEC’s website at http://www.sec.gov. Electronic copies of the final prospectus relating to this offering, when available, may be obtained from Maxim Group LLC, 300 Park Avenue, 16th Floor, New York, NY 10022, at (212) 895-3745.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Iveda® (OTCQB:IVDA) specializes in IoT platforms that offer service providers a turn-key cloud video surveillance system, smart sensors and intelligent video search technology. Iveda utilizes proprietary command center, big data storage and deep-learning algorithms. Iveda received SAFETY Act protections from the U.S. Department of Homeland Security as a Qualified Anti-Terrorism Technology Provider. Headquartered in Mesa, Arizona, with a subsidiary in Taiwan, Iveda is publicly traded under the ticker symbol “IVDA.”
Cautionary Note Regarding Forward-Looking Statements
This release includes forward-looking statements. Actual results may vary materially from those expected. Iveda’s business is subject to significant risks and uncertainties described more thoroughly in the Company’s SEC filings, including but not limited to its Registration Statement on Form S-1 and Form 10-K with audited financials for the year ended December 31, 2021 and December 31, 2020 and its subsequently filed quarterly reports on Form 10-Q. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond Iveda’s control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. All forward-looking statements made herein are qualified by such risk factors, and readers are advised to consider such factors carefully. Iveda undertakes no obligation to revise these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
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