Siyata Mobile Announces Closing of approximately $6.0 Million Public Offering of Common Shares and Pre-Funded Warrants

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Siyata Mobile announced the closing of a public offering amounting to approximately $6.0 million in common shares and pre-funded warrants. Each common share was offered at $0.58. The company intends to use the proceeds for working capital, general corporate purposes, marketing services, and potential future acquisitions. Dominari Securities acted as the sole placement agent. The offering was conducted under a registration statement on Form F-1 which was filed with the SEC on June 6, 2024, and declared effective on June 26, 2024. The prospectus for the offer is available on the SEC's website.

  • Raised approximately $6.0 million through public offering.
  • Proceeds intended for working capital, marketing, and potential acquisitions.
  • Potential shareholder dilution due to the issuance of new shares.
  • No proceeds yet from the exercise of pre-funded warrants.

The completion of a $6.0 million public offering by Siyata Mobile signals a strategic move to bolster its financial position. The capital infusion is earmarked for working capital, general corporate purposes, marketing and potential future acquisitions. This allocation indicates a focus on sustaining operational liquidity and exploring growth avenues. It's important to note that the pre-funded warrants do not contribute immediate liquidity but provide a potential future capital influx upon exercise.

In the short-term, this offering can stabilize the company's financial health, ensuring it meets immediate operational needs and enhances its market presence through increased marketing efforts. In the long-term, the capital raised can support acquisitions that could potentially add new revenue streams and enhance market competitiveness.

However, retail investors should consider the dilution effect of issuing new shares and pre-funded warrants, which can dilute existing share value. Evaluating the company's strategic use of the funds and its ability to execute its growth plans effectively is critical. Also, the offering price of $0.58 per share indicates market valuation and investor confidence levels, which should be factored into investment decisions.

From a market perspective, Siyata Mobile's decision to conduct a public offering amidst its ongoing operations can be seen both as a proactive measure to secure immediate funds and a signal of its ambitions for future growth. The allocation for marketing and advertising suggests a focus on expanding its market footprint and enhancing brand visibility, which could drive sales and market share in the PoC handset sector.

The decision to possibly use part of the proceeds for future acquisitions indicates an aggressive growth strategy. Such acquisitions, if aligned with Siyata's core business and executed well, can lead to synergies that enhance operational efficiency and product offerings. However, the success of this strategy depends on identifying suitable targets and effectively integrating them into Siyata's operations.

Investors should keep an eye on market trends in the PoC handset industry, competitive dynamics and how Siyata's marketing efforts translate into increased sales. The effectiveness of capital utilization in boosting Siyata's market position will be important in determining the overall benefits of this offering.

VANCOUVER, BC, June 28, 2024 /PRNewswire/ -- Siyata Mobile Inc. (Nasdaq: SYTA) (Nasdaq: SYTAW) ("Siyata" or the "Company"), a global developer and vendor of Push-to-Talk over Cellular (PoC) handsets and accessories, today announced the closing of its previously announced public offering of approximately $6.0 million of common shares, and pre-funded warrants to purchase common shares at a public offering price of $0.58 per share. The gross proceeds of the offering do not include any proceeds to the Company from the future exercise of the pre-funded warrants issued in the offering. The Company intends to use the proceeds from the offering for working capital, general corporate purposes, payments to a third-party marketing agency for services related to marketing and advertising, and future acquisition (if any).

Dominari Securities LLC acted as the sole placement agent in connection with the offering.

The offering was conducted pursuant to the Company's registration statement on Form F-1, as amended, (File No. 333-280002) initially filed with the Securities and Exchange Commission (the "SEC") on June 6, 2024, and declared effective by the SEC on June 26, 2024. A final prospectus relating to the offering has been filed with the SEC and is available on the SEC's website at Copies of the final prospectus relating to this offering may be obtained from Dominari Securities LLC at 725 Fifth Avenue, 23rd Floor, New York, NY 10022, or the email address

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

About Siyata Mobile

Siyata Mobile Inc. is a B2B global developer and vendor of next-generation Push-To-Talk over Cellular handsets and accessories. Its portfolio of rugged PTT handsets and accessories enables first responders and enterprise workers to instantly communicate over a nationwide cellular network of choice, to increase situational awareness and save lives. Police, fire and ambulance organizations as well as schools, utilities, security companies, hospitals, waste management companies, resorts and many other organizations use Siyata PTT handsets and accessories today.

In support of our Push-to-Talk handsets and accessories, Siyata also offers enterprise-grade In-Vehicle solutions and Cellular Booster systems enabling our customers to communicate effectively when they are in their vehicles, and even in areas where the cellular signal is weak.

Siyata sells its portfolio through leading North American cellular carriers, and through international cellular carriers and distributors.

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."

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Investor Relations (Canada):
Kin Communications

Investor Relations (United States):
Brett Maas
Hayden IR

Siyata Mobile Corporate:
Glenn Kennedy, VP of International Sales
Siyata Mobile Inc.

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 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.


What was the size of Siyata Mobile's public offering?

Siyata Mobile's public offering was approximately $6.0 million.

What is the offering price of Siyata Mobile's common shares?

The offering price of Siyata Mobile's common shares was $0.58 per share.

What will Siyata Mobile use the offering proceeds for?

Siyata Mobile plans to use the offering proceeds for working capital, general corporate purposes, marketing services, and potential future acquisitions.

Who acted as the placement agent for Siyata Mobile's public offering?

Dominari Securities acted as the sole placement agent for Siyata Mobile's public offering.

When was Siyata Mobile's registration statement declared effective by the SEC?

Siyata Mobile's registration statement was declared effective by the SEC on June 26, 2024.

Where can I find the final prospectus for Siyata Mobile's public offering?

The final prospectus for Siyata Mobile's public offering can be found on the SEC's website.

Siyata Mobile Inc.


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