Iveda Announces Closing of $8.0 Million Public Offering Uplisting to Nasdaq and Reverse Stock Split

MESA, AZ., April 05, 2022 (GLOBE NEWSWIRE) -- Iveda Solutions, Inc. (NASDAQ: IVDA, IVDAW) (“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 closing of its previously announced 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 are 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 were purchased together in the offering, but were issued separately and were immediately separable upon issuance. In addition, the Company 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 a price of $4.24 per share of common stock and $0.01 per warrant to cover over-allotments. The underwriter has partially exercised its option to purchase 279,700 additional Warrants. The common stock and Warrants began trading on the Nasdaq Capital Market on April 1, 2022, under the symbols “IVDA” & “IVDAW,” respectively. Iveda received gross proceeds of approximately $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 previously announced 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.