Iveda Solutions (Nasdaq:IVDA) Announces $5 Million Private Placement
August 09 2022 - 9:30AM
Iveda Solutions, Inc. (“Iveda” or the “Company”) (Nasdaq: IVDA),
the worldwide provider of IvedaAITM intelligent video search
technology, Sentir® video surveillance products, IvedaPinpointTM
and IvedaCareTM IoT (Internet of Things) platforms with smart
devices, announced today that it has entered into a securities
purchase agreement with institutional investors to raise
approximately $5 million in gross proceeds through the private
placement of 3,289,474 shares of common stock (or pre-funded
warrants in lieu thereof), and 3,289,474 Warrants. Each share of
common stock (or pre-funded warrant in lieu thereof) is being sold
together with accompanying warrants at a combined effective
purchase price of $1.52. The Warrants will be exercisable
immediately from the date of issuance at an exercise price of $1.40
per share and will expire five and half years from the date of
issuance. The closing of the private placement is expected to occur
on August 11, 2022, subject to the satisfaction of certain
customary closing conditions set forth in the securities purchase
agreement.
Maxim Group LLC is acting as sole placement
agent for the offering.
The shares of common stock, pre-funded warrants,
and Warrants described above have not been registered under the
Securities Act of 1933, as amended, and may not be offered or sold
in the United States absent registration with the Securities and
Exchange Commission (SEC) or an applicable exemption from such
registration requirements. The securities were offered only to
accredited investors. Pursuant to a registration rights agreement
with the investor, the Company has agreed to file one or more
registration statements with the SEC covering the resale of the
shares of common stock and the shares issuable upon exercise of the
pre-funded warrants and Warrants.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy these securities,
nor shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About
Iveda
Iveda® (Nasdaq:IVDA) specializes in IoT
platforms that offer service providers a turn-key cloud video
surveillance system, smart sensors and intelligent video search
technology. Iveda utilizes proprietary command center, big data
storage and deep-learning algorithms. Iveda received SAFETY Act
protections from the U.S. Department of Homeland Security as a
Qualified Anti-Terrorism Technology Provider. Headquartered in
Mesa, Arizona, with a subsidiary in Taiwan, Iveda is publicly
traded under the ticker symbol “IVDA.”
Forward-Looking Statements
This communication includes certain statements
that are not historical facts but are forward-looking statements
for purposes of the safe harbor provisions under the applicable
securities laws. Forward-looking statements generally are
accompanied by words such as "believe," "may," "will," "estimate,"
"continue," "anticipate," "intend," "expect," "should," "would,"
"plan," "predict," "potential," "seem," "seek," "future,"
"outlook," and similar expressions that predict or indicate future
events or trends or that are not statements of historical
matters.
These forward-looking statements include, but
are not limited to, statements regarding the terms and conditions
of the transactions disclosed herein, the timing of the
consummation of such transactions. These statements are based on
various assumptions and/or on the current expectations of Iveda’s
management. These forward-looking statements are provided for
illustrative purposes only and are not intended to serve as and
must not be relied on by any investor or other person as, a
guarantee, an assurance, a prediction or a definitive statement of
fact or probability. Actual events and circumstances are difficult
or impossible to predict and will differ from assumptions. Many
actual events and circumstances are beyond the control of Iveda.
These forward-looking statements are subject to a number of risks
and uncertainties, including but not limited to general economic,
financial, legal, political and business conditions and changes in
domestic and foreign markets; changes in the assumptions underlying
Iveda’s expectations regarding its future business; the effects of
competition on Iveda’s future business; and the outcome of judicial
proceedings to which Iveda is, or may become a party.
If the risks materialize or assumptions prove
incorrect, actual results could differ materially from the results
implied by these forward-looking statements. There may be
additional risks that Iveda presently do not know or currently
believe are immaterial that could also cause actual results to
differ materially from those contained in the forward-looking
statements. In addition, forward-looking statements reflect
expectations, assumptions, plans or forecasts of future events and
views as of the date of this communication. Iveda anticipate that
subsequent events and developments will cause these assessments to
change. However, while Iveda may elect to update these
forward-looking statements at some point in the future, Iveda
specifically disclaims any obligation to do so, except as required
by applicable law. These forward-looking statements should not be
relied upon as representing Iveda’s assessments as of any date
subsequent to the date of this written communication. Accordingly,
undue reliance should not be placed upon the forward-looking
statements.
Contact:
IvedaTy YoungDirector of Communications Tel: +1 (623)
565-9320Email: tyoung@iveda.com
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