AI-based video technology company Iveda Solutions (OTCPK:IVDA) has filed to uplist its shares to Nasdaq and hold an $8M initial public offering.
Iveda said in a filing that it plans to offer 827K shares, with each share including a warrant to buy one additional share, for an assumed price of $9.68 per share. Underwriters will be granted a 45-day option to buy up to 124K additional shares and/or warrants to cover overallotments.
The assumed price reflects the stock’s closing price on the OTC on March 10 and a planned 1-for-8 reverse stock split. The split ratio is subject to market conditions and could range between 1-for-7 to 1-for-9.
Iveda is a provider of AI-based intelligent video search technology for video surveillance and Internet of Things devices and platforms. Its stock is currently traded OTC under the symbol IVDA. Shares closed at $1.04 on Monday, giving the company a market capitalization of around $79M.
The company said it has been approved to list its shares on Nasdaq under the symbol IVDA. Maxim Group is serving as lead bookrunner.
For 2021, Iveda reported a net loss of $3M on revenue of $2M.
In July, Iveda launched an app called IvedaMobile that can transform a smartphone into a video surveillance camera.