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MESA, AZ – Iveda Solutions, Inc. (NASDAQ:IVDA), a provider of prepackaged software services, has entered into an At the Market Offering Agreement with H.C. Wainwright & Co., LLC, potentially signaling a move to increase its available capital. The agreement, disclosed in a recent SEC filing, allows Iveda Solutions to offer and sell shares of its common stock up to an aggregate offering price of $5,082,431.
The arrangement, effective as of February 27, 2025, permits the company to sell shares from time to time through the sales agent, H.C. Wainwright & Co., LLC. The sales will be executed pursuant to the company’s existing shelf registration statement and a prospectus supplement specifically related to this At the Market (ATM) offering.
The sales of the company’s common stock, which will be conducted as an "at the market" offering as defined by the Securities Act of 1933, are subject to instructions from Iveda Solutions and depend on a variety of factors, including market conditions and the company’s capital needs.
Iveda Solutions will pay H.C. Wainwright a commission of 3% on the gross sales price per share sold under the agreement. Additionally, the company has agreed to reimburse certain legal expenses not exceeding $50,000 and due diligence session costs up to $5,000.
The company, headquartered in Mesa, Arizona, has emphasized that the sales agreement does not guarantee that any shares will be sold, and the actual issuance of shares will depend on several market-related factors.
This move comes as part of Iveda Solutions’ broader strategy to manage its capital resources effectively. However, the company has not specified any immediate plans regarding the use of potential proceeds from the sale of shares.
This announcement is based on a press release statement and does not constitute an offer to sell or a solicitation of an offer to buy any securities. The offering of shares is subject to state and federal laws, and the sale of securities in certain states may be unlawful prior to registration or qualification under the securities laws of those states.
Investors and observers will be watching closely to see how this agreement influences Iveda Solutions’ financial strategy and market performance in the coming months. InvestingPro analysis suggests the stock is currently undervalued, with a "Fair" overall financial health score. Subscribers to InvestingPro can access 12 additional investment tips and comprehensive financial metrics to better evaluate this opportunity.
In other recent news, Iveda Solutions announced a change in its independent registered public accounting firm. The company dismissed Kreit & Chiu CPA LLP and appointed Weinberg & Company, P.A. as its new auditor. This decision followed a review and recommendation by the company’s committee, with no disagreements reported between Iveda and Kreit. Additionally, during its Annual Meeting of Stockholders, Iveda Solutions re-elected its board members, including Joseph Farnsworth and Alejandro Franco, for a one-year term. The stockholders ratified Kreit & Chiu CPA LLP as the independent auditor for the fiscal year ending December 31, 2024. However, the company did not secure enough votes for proposals related to redomiciling from Nevada to Delaware and increasing authorized shares. The meeting was adjourned to March 4, 2025, to allow further voting on these key proposals. This decision allows additional time for stockholders to consider the proposals detailed in the company’s Proxy Statement.
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