Iveda Solutions sells 5M shares at 43c in registered direct offering

Iveda Solutions announced that it has entered into definitive agreements for the sale and issuance of 5M shares of common stock of the company at an offering price of 43c per share, in a registered direct offering priced at-the-market under the Nasdaq rules. In a concurrent private placement, Iveda will issue unregistered Series A warrants to purchase up to 5M shares of common stock and unregistered Series B warrants to purchase up to 5M shares of common stock, which warrants will be exercisable on the effective date of stockholder approval of the issuance of the shares upon exercise of the unregistered warrants, at an exercise price of 43c per share. The Series A warrants will expire five years following the stockholder approval and the Series B warrants will expire 18 months following the stockholder approval. The closing of the offering is expected to occur on or about September 6, subject to the satisfaction of customary closing conditions.