Siyata Announces Reverse Stock Split

Rhea-AI Summary

Siyata Mobile Inc. (SYTA) has announced a 1-for-10 reverse stock split effective December 27, 2024. The split aims to comply with Nasdaq's $1.00 minimum bid price requirement for continued listing. Following the split, SYTA will continue trading under the same symbol with a new CUSIP number 83013Q 889.

The reverse split will automatically convert every 10 current shares into one new share. All outstanding stock options, warrants, and convertible securities will be adjusted accordingly. No fractional shares will be issued, with all fractions rounded up to the next whole number. The split won't affect the par value or authorized number of shares.

Positive

• None.

Negative

• Company forced to implement reverse split to maintain Nasdaq listing
• No guarantee of meeting minimum bid price requirement despite reverse split
• Risk of continued stock price decline post-split based on historical patterns

Reverse Stock-Split to be effective on December 27, 2024

VANCOUVER, BC, Dec. 24, 2024 /PRNewswire/ -- Siyata Mobile Inc. (Nasdaq: SYTA, SYTAW) ("Siyata" or the "Company"), a global vendor of Push-to-Talk over Cellular (PoC) devices and cellular signal booster systems, today announced that it will effect a 1-for-10 reverse stock split ("Reverse Stock Split") of its common share, no par value per share ("Common Share"). The Reverse Stock Split will become effective at 12:01 a.m. Eastern Time on Friday, December 27, 2024, and the Company's Common Share will commence trading on the Nasdaq Capital Market on a post-split basis at the opening of the market on December 27, 2024. The Company's Common Share will continue to trade on the Nasdaq Capital Market under the Company's existing trading symbol, "SYTA," and a new CUSIP number 83013Q 889 has been assigned as a result of the Reverse Stock Split.

The Reverse Stock Split is primarily intended to bring the Company into compliance with the $1.00 minimum bid price requirement for maintaining its listing on Nasdaq. There is no guarantee the Company will meet the minimum bid price requirement.

The 1-for-10 reverse stock split (the "Ratio") will automatically combine and convert 10 current shares of the Company's Common Share into one issued and outstanding new share of Common Share. Each outstanding stock option, pre-funded warrant, share purchase warrant, and other convertible security of the Company convertible into pre-Reverse Stock Split Common Shares that has not been exercised or cancelled prior to the effective date of the implementation of the Reverse Stock Split will be adjusted pursuant to the terms of the instrument or plan governing such security on the same Reverse Stock Split Ratio described above, and each holder of such pre-Reverse Stock Split convertible securities will become entitled to receive post-Reverse Stock Split Common Shares pursuant to such adjusted terms. The Reverse Stock Split will not change the par value of the Common Share nor the authorized number of shares of Common Share, preferred stock or any series of preferred stock.

No fractional shares will be issued in connection with the Reverse Stock Split. All fractional shares will be rounded up to the next higher whole number, at a participant level.

The Company's transfer agent, Computershare, will serve as exchange for the Reverse Stock Split. Registered shareholders holding pre-split shares of the Company's Common Share electronically in book-entry form are not required to take any action to receive post-split shares. Shareholders owning shares via a broker, bank, trust or other nominee will have their positions automatically adjusted to reflect the Reverse Stock Split, subject to such broker's particular processes, and will not be required to take any action in connection with the Reverse Stock Split. Holders of stock certificates will need to send their old physical certificates with a letter of transmittal to receive their new post-Reverse Stock Split certificate.

About Siyata Mobile

Siyata Mobile Inc. is a B2B global vendor of next generation Push-To-Talk over Cellular devices, cellular booster systems, and video monitoring solutions. Its portfolio of in-vehicle and rugged devices enable first responders and enterprise workers to instantly communicate, over a nationwide cellular network of choice, to increase situational awareness and save lives.

Its portfolio of enterprise grade and consumer cellular booster systems enables first responders and enterprise workers to amplify cellular signals in remote areas, inside structural buildings where signals are weak and within vehicles for the maximum cellular signal strength possible.

For its video monitoring system, Siyata integrates software that we license with off-the-shelf hardware providing our customers with an integrated advanced camera system for management and visual monitoring of their fleet vehicles.

Siyata's Common Shares trade on the Nasdaq under the symbol "SYTA" and its previously issued warrants trade on the Nasdaq under the symbol "SYTAW."

Visit siyatamobile.com and unidencellular.com to learn more.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions or variations of such words are intended to identify forward-looking statements. Because such statements deal with future events and are based on Siyata's current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of Siyata could differ materially from those described in or implied by the statements in this press release. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading "Risk Factors" in Siyata's filings with the Securities and Exchange Commission ("SEC"), and in any subsequent filings with the SEC. Except as otherwise required by law, Siyata undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites and social media have been provided as a convenience, and the information contained on such websites or social media is not incorporated by reference into this press release.

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SOURCE Siyata Mobile Inc.

FAQ

When will Siyata's (SYTA) 1-for-10 reverse stock split take effect?

The reverse stock split will become effective at 12:01 a.m. Eastern Time on Friday, December 27, 2024, with trading on post-split basis beginning at market open the same day.

Why is Siyata (SYTA) implementing a reverse stock split?

SYTA is implementing the reverse split primarily to comply with Nasdaq's $1.00 minimum bid price requirement to maintain its listing on the exchange.

How will SYTA's reverse split affect existing shareholders?

Shareholders will receive 1 new share for every 10 shares currently held. Fractional shares will be rounded up to the next whole number.

What happens to SYTA stock options and warrants after the reverse split?

All outstanding stock options, pre-funded warrants, share purchase warrants, and convertible securities will be adjusted using the same 1-for-10 ratio.

Do SYTA shareholders need to take any action for the reverse split?

Most shareholders don't need to take action. However, holders of physical stock certificates will need to send their old certificates with a letter of transmittal to receive new post-split certificates.