Iveda Solutions shifts to Delaware from Nevada

In a recent development, Iveda Solutions, Inc. (NASDAQ:IVDA), a prepackaged software services company with a market capitalization of $5.29 million, has successfully secured shareholder approval to relocate its corporate domicile from Nevada to Delaware. The decision came during the reconvened 2024 Annual Meeting of Stockholders on March 4, 2025, where over half of the outstanding voting capital stock was present. InvestingPro analysis shows the company maintains a strong liquidity position, with more cash than debt on its balance sheet and a healthy current ratio of 2.45.

The shareholders voted in favor of the redomiciliation, with 1,233,381 votes supporting the move to Delaware, 21,273 against, and 19,553 abstentions. This move is part of the company’s strategic efforts to align its corporate structure with its business needs.

However, the company faced a setback as it did not receive sufficient votes for two other proposals. The first was an amendment to increase the number of authorized shares of capital stock, and the second involved the approval for the issuance of 625,000 Series A and B Common Stock Purchase Warrants, along with the common stock shares upon the exercise of such warrants.

As a result of the approval of the redomicile to Delaware, the need for the proposed increase in authorized shares of capital stock is no longer necessary. The company has adjourned the meeting concerning the issuance of warrants to June 2, 2025, to allow additional time for stockholder voting on this matter. The adjourned meeting will take place at Iveda Solutions’ offices in Mesa, Arizona.

This decision to change the state of incorporation is a significant step for Iveda Solutions as it continues to navigate its growth and operational strategies. The company’s management and board of directors are expected to proceed with the transition process following the shareholder mandate.

Investors and market watchers will be keeping a close eye on the upcoming adjourned meeting results, which will determine the fate of the proposed issuance of warrants and the underlying shares. This information is based on a press release statement from Iveda Solutions, Inc.

In other recent news, Iveda Solutions has entered into an At the Market Offering Agreement with H.C. Wainwright & Co., LLC. This agreement allows the company to sell shares of its common stock up to an aggregate offering price of $5,082,431, potentially increasing its available capital. Meanwhile, Iveda Solutions has switched its independent registered public accounting firm from Kreit & Chiu CPA LLP to Weinberg & Company, P.A., effective February 21, 2025. The company confirmed there were no disagreements with the previous auditor regarding accounting practices or financial disclosures.

Additionally, Iveda Solutions held its Annual Meeting of Stockholders, where board members Joseph Farnsworth, Alejandro Franco, Robert D. Gillen, and David Ly were re-elected for a one-year term. However, the company did not secure enough votes to pass key proposals, including the redomicile of the company and the increase in authorized shares. As a result, the meeting was adjourned to March 4, 2025, for further voting on these proposals. The ratification of Kreit & Chiu CPA LLP as the independent auditor for the fiscal year ending December 31, 2024, was approved by the stockholders. These developments underscore Iveda Solutions’ ongoing efforts to manage its financial and corporate governance strategies.

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