2D Illustrations and Photos/iStock via Getty Images
AI-powered video technology company Iveda Solutions (OTCPK:IVDA) has applied to list its shares on the Nasdaq holding an initial holding of $8 million public offering.
Iveda said in a filing that it plans to offer 827,000 shares, with each share containing a warrant to purchase one additional share, at an assumed price of $9.68 per share. Underwriters will have a 45-day option to purchase up to 124,000 additional shares and/or warrants to cover over-allotments.
The assumed price reflects the closing price of the stock on the OTC on March 10th and a planned 1:8 reverse stock split. The split ratio depends on market conditions and can range from 1:7 to 1:9.
Iveda is a provider of AI-based intelligent video search technology for video surveillance and Internet of Things devices and platforms. Its shares are currently traded over the counter under the symbol IVDA. Shares closed at $1.04 on Monday, giving the company a market cap of around $79 million.
The company said it has been approved to list its shares on the Nasdaq under the symbol IVDA. Maxim Group acts as lead bookrunner.
For 2021, Iveda reported a net loss of $3 million on sales of $2 million.
In July, Iveda launched an app called IvedaMobile that can turn a smartphone into a video surveillance camera.
Comments are closed.