Iveda Solutions Shares Drop 18% After Private Placement Prices

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Iveda Solutions Shares Drop 18% After Private Placement Prices

Dow Jones2022-08-09

By Chris Wack

Iveda Solutions Inc. shares fell 18% to $1.46 after the company said it has entered into a securities purchase agreement with institutional investors to raise $5 million in proceeds through a private placement.

The company said the private placement includes 3.3 million common shares and 3.3 million warrants.

Each share of stock 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 a share and will expire five and half years from the date of issuance.

The closing of the private placement is expected Thursday.

The stock closed Monday's session up 34% after the company said it received $3 million in contracts in Taiwan.

Write to Chris Wack at chris.wack@wsj.com

$(END)$ Dow Jones Newswires

August 09, 2022 10:39 ET (14:39 GMT)

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