In the new kernel package, extramodules have been removed from the PATH.

In the new kernel package, extramodules have been removed from the PATH. Therefore, the following action will need to be taken.
You may need the KERNEL-headers package for Packages-Root.

Other proposed fixes

local _kernver=$(cat $1/boot/*.kver|awk '{print $1}')

diff --git a/lib/util-iso-boot.sh b/lib/util-iso-boot.sh
index aa012b7..29a22c3 100644
--- a/lib/util-iso-boot.sh
+++ b/lib/util-iso-boot.sh
@@ -18,7 +18,7 @@ prepare_initcpio(){
 
 prepare_initramfs(){
     cp ${DATADIR}/mkinitcpio.conf $1/etc/mkinitcpio-${iso_name}.conf
- local _kernver=$(cat $1/usr/lib/modules/*/version)
+ local _kernver=$(cat $1/usr/lib/modules/*/build/version)
     if [[ -n ${gpgkey} ]]; then
         su ${OWNER} -c "gpg --export ${gpgkey} >${USERCONFDIR}/gpgkey"
         exec 17<>${USERCONFDIR}/gpgkey