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AI-based video technology company Iveda Solutions (OTCPK:IVDA) has applied to transfer its shares to Nasdaq and holds an initial value of $8 million public offer.
Iveda said in a filing that it plans to offer 827,000 shares, with each share including a warrant to purchase an additional share, for an assumed price of $9.68 per share. The underwriters will be granted a 45-day option to purchase up to 124,000 additional shares and/or warrants to cover the over-allotments.
The assumed price reflects the closing price of the stock on the OTC on March 10 and an expected 1:8 stock split. The split ratio is subject to market conditions and may vary between 1:7 and 1 for 9.
Iveda is a provider of intelligent AI-based video search technology for video surveillance and Internet of Things devices and platforms. Its stock is currently traded over-the-counter under the symbol IVDA. Shares closed at $1.04 on Monday, giving the company a market capitalization of around $79 million.
The company said it has been authorized to list its shares on Nasdaq under the ticker symbol IVDA. Maxim Group acts as lead bookrunner.
For 2021, Iveda reported a net loss of $3 million on revenue of $2 million.
In July, Iveda released an app called IvedaMobile that can turn a smartphone into a CCTV camera.
