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Iveda Solutions re-elects board, adjourns meeting for key proposals

EditorLina Guerrero
Published 12/10/2024, 05:07 PM
IVDA
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On December 4, 2024, Iveda Solutions, Inc., a prepackaged software services company currently trading at $2.05 per share, held its Annual Meeting of Stockholders, where it saw the re-election of its board members and adjourned voting on several significant proposals. According to InvestingPro analysis, the company appears slightly undervalued based on its Fair Value assessment, despite facing significant challenges with a 66% decline in stock price over the past year.

The meeting, which took place with a quorum of 54.37% of outstanding voting capital stock, resulted in the re-election of Joseph Farnsworth, Alejandro Franco, Robert D. Gillen, and David Ly as directors for a one-year term.

Stockholders ratified the appointment of Kreit & Chiu CPA LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2024. However, the company did not secure enough votes to pass proposals related to the redomicile of the company from Nevada to Delaware, an amendment to increase the number of authorized shares of capital stock, and 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.

Due to the lack of sufficient votes, the meeting has been adjourned to March 4, 2025, for further voting on these key proposals. The adjourned meeting will take place at the company's offices in Mesa, Arizona. This decision provides additional time for stockholders to consider and vote on the aforementioned proposals, which are detailed in the company's Proxy Statement filed with the Securities and Exchange Commission on October 7, 2024.

The outcomes of the votes for the re-election of the directors and the ratification of the accounting firm were as follows: Joseph Farnsworth received 616,788 votes for and 35,802 withheld; Alejandro Franco had 579,632 for and 72,908 withheld; Robert D. Gillen saw 569,043 for and 83,547 withheld; and David Ly garnered 604,978 for and 47,612 withheld. The proposal to ratify the accounting firm was passed with 1,290,308 votes for, 2,678 against, and 16,399 abstained. Recent market data shows the stock has demonstrated resilience with a 13% gain over the past week, though InvestingPro subscribers have access to 11 additional key insights about the company's financial health and market performance.

Further developments include Iveda executing a 1-for-8 reverse stock split, reducing its authorized common stock from 37,500,000 shares to 4,687,500 shares. This adjustment aims to maintain its listing on the Nasdaq Capital Market.

The company also initiated a registered direct offering and concurrent private placement, targeting to raise $2.15 million by issuing 5 million shares of common stock or pre-funded warrants at $0.43 each, with H.C. Wainwright & Co. serving as the exclusive placement agent.

Lastly, Iveda announced a patent pending for its LevelNOW product, an IoT sensor solution designed for real-time monitoring of liquid storage management. This technology, adopted by a major oil company in Australia, is expected to address issues such as leaks, evaporation, and theft prevalent in industries like oil and gas.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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