In a recent update, Iveda Solutions, Inc. (NASDAQ:IVDA), a prepackaged software services provider, has announced a significant change to its stock structure. The company filed a Certificate of Change on September 5, 2024, to initiate a 1-for-4 reverse stock split of its common stock, par value $0.00001 per share. This action will reduce the number of outstanding shares from approximately 18.07 million to around 4.52 million.
The adjustment also includes a decrease in the number of authorized shares of common stock from 37.5 million to 9.375 million. The company has clarified that no fractional shares will be issued as a result of the reverse split. Instead, shareholders will receive rounded up whole shares to compensate for any fractional holdings.
The reverse stock split does not alter the trading symbol for Iveda Solutions' common stock, which will continue to be listed as "IVDA" on The Nasdaq Stock Market LLC. However, a new CUSIP number (46583A 303) will be assigned to the common stock following the reverse split.
Furthermore, the company will make corresponding adjustments to its outstanding stock options, warrants, and other awards to reflect the reverse stock split. The details of these adjustments are designed to maintain the proportionate interest of the shareholders and preserve the value of all outstanding and unexercised stock options and warrants.
In other recent news, Iveda Solutions has been making significant strides in its operations. The company has initiated a registered direct offering and concurrent private placement, aiming to raise $2.15 million by issuing 5 million shares of common stock or pre-funded warrants at $0.43 each.
The offering also includes Series A and Series B unregistered warrants for an additional 10 million shares, with H.C. Wainwright & Co. serving as the exclusive placement agent.
Additionally, Iveda announced a patent pending for its LevelNOW product, an IoT sensor solution designed for real-time monitoring of liquid storage management. The technology, which has been adopted by a major oil company in Australia, is expected to address issues such as leaks, evaporation, and theft prevalent in industries like oil and gas.
Iveda has also formed a strategic partnership with The Arab Organization for Industrialization (AOI) and ZeroTech to integrate its AI-powered intelligent video search technology, IvedaAI, into ZeroTech's security offerings in Egypt. This collaboration is expected to enhance security systems and offer safety benefits to communities.
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