AI video tech company Iveda files $8 million IPO, moves to Nasdaq

Initial public offering hologram, night panoramic view of Bangkok city.  The financial center of multinationals in Asia.  The concept of driving growth through the IPO process.  Double exposure.

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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.

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