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Iveda Solutions (NASDAQ: IVDA) has announced a 1-for-8 reverse stock split of its common stock, effective September 17, 2024. This move will reduce the company's outstanding and authorized shares, with each 8 shares being combined into 1. The publicly traded common stock purchase warrants (NASDAQ: IVDAW) will also be adjusted, with 8 warrants now required to acquire one share at a revised price of $34.00 per share. The company's authorized common stock will decrease from 37,500,000 to 4,687,500 shares.
CEO David Ly stated that the primary goal is to maintain IVDA's listing on the Nasdaq Capital Market. However, the company cannot guarantee that the post-split stock price will reflect the split ratio or remain above pre-split levels. Trading on a split-adjusted basis is expected to begin on September 17, 2024, with no fractional shares issued.
Iveda (NASDAQ:IVDA) has partnered with Evergreen Aviation Technologies Corp. (EGAT) to market advanced unmanned aerial vehicles (UAVs) for government surveillance. This collaboration gives Iveda global rights to promote military-grade drones capable of operating at altitudes between 10,000 and 30,000 feet. The joint venture aims to enhance surveillance capabilities for military and governmental organizations, leveraging Iveda's AI video analytics and sensor technologies. With the UAV market projected to reach $25.13 billion by 2027, this partnership positions Iveda for growth. CEO David Ly highlighted the demand for military drones from various nations as a catalyst for this alliance, which could revolutionize security operations worldwide.
Iveda (NASDAQ:IVDA) announced updates regarding its joint venture in the Philippines, projecting initial deployments worth at least $3 million in 2023. Each smart city deployment is expected to range from $250,000 to $500,000, potentially leading to $12 to $20 million over the next three years. Iveda is utilizing its technology, IvedaAI, to enhance public safety and operational efficiency, particularly addressing flooding issues during typhoons. The company also highlights a recent $44 million distribution agreement, further bolstering its international growth in smart city technology.
Iveda (NASDAQ:IVDA) has entered a 20-year exclusive distribution agreement with Grupo Desson, bringing AI video search and IoT technology to the Latin American market. The partnership aims to implement 100 new customer locations annually, targeting $44M in generated revenue over its duration. IvedaAI’s intelligent video search technology will enhance Grupo Desson's security services, allowing for faster resolution of customer issues and improved real-time threat detection. This collaboration sets a new standard for AI in LATAM, targeting cost-effective security solutions while boosting productivity and safety.
Iveda (NASDAQ:IVDA) has secured $1M in new technology contracts across Taiwan, collaborating with organizations including the Taiwan Stock Exchange and the Taipei City Government. These partnerships aim to enhance surveillance infrastructure and improve operational efficiency through upgraded network communication systems. Key installations will include IP video servers, smart power controls, and cloud surveillance solutions. CEO David Ly emphasized that these advancements support Taiwan's goal of becoming a smart city. Iveda's innovative technology positions it as a leader in digital transformation for public safety and efficiency.
Iveda (NASDAQ:IVDA) has launched a $1.5 million project implementing Utilis Smart Pole technology in Kaohsiung, Taiwan, enhancing the city’s IoT infrastructure for smart city functions. The project aims to address urban challenges such as traffic management and flooding detection through integrated real-time data. Equipped with AI video analytics and a microgrid power system, Utilis facilitates communication among light poles. Iveda anticipates replicating its smart solutions globally, positioning Kaohsiung as a leader in smart city innovation.
Iveda has announced a strategic partnership with Care Daily to enhance elderly care through cloud-based, wireless sensor technology. This collaboration aims to support the growing number of seniors aged 65 and older, who make up 16.9% of the U.S. population. The AARP reports that 77% of older adults prefer to age in their homes. Their joint product, IvedaCare, utilizes AI to provide real-time data and analytics, easing the burden on caregivers while promoting health and security for users. Both companies are focused on innovating solutions to improve the aging-in-place experience.
Iveda (NASDAQ:IVDA) has initiated a national investor awareness program in collaboration with Acorn Management Partners LLC. The initiative aims to enhance public knowledge about Iveda's financial achievements and to attract long-term investors via financial professionals. Monthly outreach to over 6,000 contacts will facilitate better connections between Iveda's management and the investment community. This launch aligns with several upcoming operational milestones and follows Iveda’s recent official debut of IvedaCare, an AI-driven assistant for security and elder care.
Iveda (NASDAQ: IVDA) has launched a joint venture, Iveda Philippines, expanding its footprint in the Smart City technology market. The company anticipates revenues of $1 to $3 million from each Smart City deployment, with ongoing software maintenance fees. IvedaAI technology will enhance existing surveillance systems, aiding in public safety and traffic management. Iveda aims to leverage local partnerships to secure contracts, responding positively to the demand for modernization following natural disasters in the Philippines. The Smart City market is projected to grow significantly, reaching $873.7 billion by 2026.
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