0001397183 false 0001397183 2023-09-28 2023-09-28 0001397183 IVDA:CommonStockParValue0.00001PerShareMember 2023-09-28 2023-09-28 0001397183 IVDA:CommonStockPurchaseWarrantsMember 2023-09-28 2023-09-28 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

Date of report (Date of earliest event reported): September 28, 2023

 

IVEDA SOLUTIONS, INC.

(Exact Name of Registrant as Specified in Its Charter)

 

Nevada   001-41345   20-2222203

(State or Other Jurisdiction

of Incorporation)

  

(Commission

File Number)

  

(IRS Employer

Identification No.)

 

1744 S. Val Vista, Suite 213

Mesa, Arizona

   85204
(Address of Principal Executive Offices)   (Zip Code)

 

(480) 307-8700

(Registrant’s Telephone Number, Including Area Code)

 

 

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common Stock, par value $0.00001 per share   IVDA   The Nasdaq Stock Market, LLC
Common Stock Purchase Warrants   IVDAW   The Nasdaq Stock Market, LLC

 

 

 

 
 

 

Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

 

On September 28, 2023, Iveda Solutions, Inc. (“IVEDA” or the “Company”) received written notice (the “Notice”) from the Listing Qualifications Department of The Nasdaq Stock Market (“Nasdaq”) notifying the Company that, based on the closing bid price of the Company’s common stock, par value $0.00001 per share (the “Common Stock”), for the last 30 consecutive trading days, the Company no longer complies with the minimum bid price requirement for continued listing on The Nasdaq Capital Market. Nasdaq Listing Rule 5550(a)(2) requires listed securities to maintain a minimum bid price of $1.00 per share (the “Minimum Bid Price Requirement”), and Nasdaq Listing Rule 5810(c)(3)(A) provides that a failure to meet the Minimum Bid Price Requirement exists if the deficiency continues for a period of 30 consecutive trading days. The Notice has no immediate effect on the listing of the Common Stock on The Nasdaq Capital Market and, at this time, the common stock will continue to trade on the Nasdaq Capital Market under the symbol “IVDA”. Pursuant to the Nasdaq Listing Rules, the Company has been provided an initial compliance period of 180 calendar days to regain compliance with the Minimum Bid Price Requirement.

 

To regain compliance, the closing bid price of the Common Stock must be at least $1.00 per share for a minimum of 10 consecutive trading days prior to March 26, 2024, and the Company must otherwise satisfy The Nasdaq Capital Market’s requirements for listing. If the Company does not regain compliance by March 26, 2024, the Company may be eligible for an additional 180 calendar day compliance period if it meets the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the bid price requirement, and will need to provide written notice of its intention to cure the deficiency during the second compliance period. If the Company does not qualify for the second compliance period or fails to regain compliance during the second compliance period, then Nasdaq will notify the Company of its determination to delist the Company’s common stock, at which point the Company will have an opportunity to appeal the delisting determination to a Hearings Panel.

 

The Company intends to monitor the closing bid price of the Common Stock and consider its available options to resolve the noncompliance with the Minimum Bid Price Requirement. There can be no assurance that the Company will be able to regain compliance with The Nasdaq Capital Market’s continued listing requirements or that Nasdaq will grant the Company a further extension of time to regain compliance, if applicable.

 

 
 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  IVEDA SOLUTIONS, INC.
   
Date: September 29, 2023 By: /s/ Robert J. Brilon
  Name: Robert J. Brilon
  Title: Chief Financial Officer

 

 

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Cover
Sep. 28, 2023
Document Type 8-K
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Document Period End Date Sep. 28, 2023
Entity File Number 001-41345
Entity Registrant Name IVEDA SOLUTIONS, INC.
Entity Central Index Key 0001397183
Entity Tax Identification Number 20-2222203
Entity Incorporation, State or Country Code NV
Entity Address, Address Line One 1744 S. Val Vista
Entity Address, Address Line Two Suite 213
Entity Address, City or Town Mesa
Entity Address, State or Province AZ
Entity Address, Postal Zip Code 85204
City Area Code (480)
Local Phone Number 307-8700
Written Communications false
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Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Common Stock, par value $0.00001 per share  
Title of 12(b) Security Common Stock, par value $0.00001 per share
Trading Symbol IVDA
Security Exchange Name NASDAQ
Common Stock Purchase Warrants  
Title of 12(b) Security Common Stock Purchase Warrants
Trading Symbol IVDAW
Security Exchange Name NASDAQ
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