Iveda Solutions (Nasdaq

IVDA) Announces $5 Million Private Placement

Mesa, AZ., Aug. 09, 2022 (GLOBE NEWSWIRE) -- Iveda Solutions, Inc. (“Iveda” or the “Company”) (Nasdaq: IVDA), the worldwide provider of IvedaAI^TM intelligent video search technology, Sentir video surveillance products, IvedaPinpoint^TM and IvedaCare^TM 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.”