Iveda Solutions, Inc 8-K, filed Mar 27, 2024
Iveda Solutions, Inc. (IVDA)
About this 8-K
Iveda Solutions, Inc filed this 8-K on March 27, 2024.
Items reported
- Item 8.01: Other events
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Item 8.01 Other Events.
Extension for Compliance with Nasdaq Minimum Bid Price Rule
As previously reported, 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 was 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 have been 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.
On March 27, 2024, the Company received written notice from the Listing Qualifications Department of Nasdaq notifying the Company that Nasdaq has determined the Company is eligible for an additional 180 calendar day compliance period, or until September 23, 2024, to regain compliance. Nasdaq’s determination was based on the Company meeting the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on the Capital Market with the exception of the bid price requirement, and the Company’s written notice of its intention to cure the deficiency by organic stock price appreciation during the second compliance period or by effecting a reverse stock split, if necessary. If the Company does not execute a reverse stock split at least ten days prior to the conclusion of the second compliance period or fails to otherwise 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: March 27, 2024 | By: | /s/ David Ly |
| Name: | David Ly | |
| Title: | Chief Executive Officer | |