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Siyata Mobile Inc. Announces Pricing of Approx. $6 Million Public Offering of Common Shares and Pre-Funded Warrants

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Siyata Mobile (NASDAQ:SYTA) has announced the pricing of a public offering worth approximately $6 million, consisting of common shares and pre-funded warrants at $0.58 per share ($0.01 less for pre-funded warrants). The proceeds will be used for working capital, general corporate purposes, marketing and advertising services, strategic investments, and potential future acquisitions. Dominari Securities is the sole placement agent for this offering, which is expected to close on June 28, 2024, pending customary closing conditions. The offer is made through the company's registration statement on Form F-1, declared effective by the SEC on June 26, 2024. A final prospectus will be filed with the SEC and will be accessible on its website.

Positive
  • Expected to raise approximately $6 million.
  • Funds to be used for working capital, general corporate purposes, marketing, strategic investments, and potential acquisitions.
Negative
  • Potential shareholder dilution from the issuance of new common shares and pre-funded warrants.

Siyata Mobile Inc. recently announced the pricing of a public offering worth approximately $6 million. These offerings typically aim to strengthen a company's financial standing, often necessary for operations, growth, or planned strategic investments.

The decision to price the shares at $0.58 each, with pre-funded warrants slightly lower, reflects the company's current market valuation and the demand for its shares. It's worth noting that such public offerings can lead to dilution, where the value of existing shares might decrease due to the increased number of shares available in the market.

Short-term implications for investors include potential volatility in Siyata's stock price as the market reacts to the increased supply of shares. However, if the capital raised is effectively used for strategic investments and growth, this could lead to long-term benefits such as increased revenue and market share.

Given the company's intention to use part of the proceeds for strategic investments and potential acquisitions, investors should keep an eye on any announcements regarding such moves. Effective deployment of these funds could enhance Siyata's competitive position in the PoC handsets and accessories market.

This public offering is notable for several reasons. First, the funds allocated for marketing and advertising indicate a move to increase market visibility and potentially capture a larger customer base. This is important for companies in highly competitive tech markets.

The allocation of funds towards working capital and strategic investments also suggests that Siyata Mobile is focusing on ensuring operational stability while also positioning itself for future opportunities. Investors should monitor how these funds are utilized, as effective allocation can lead to enhanced operational efficiency and growth prospects.

In the broader Push-to-Talk over Cellular (PoC) market, securing additional financial resources could provide Siyata with the flexibility needed to adapt to market changes, invest in new technologies, or respond to competitive pressures. This proactive financial strategy could be a positive signal for stakeholders.

VANCOUVER, BC / ACCESSWIRE / June 27, 2024 / 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,announces the pricing of its public offering of approx. $6 million of common shares, and/or pre-funded warrants to purchase common shares at a public offering price of $0.58 per share (minus $0.01 per pre-funded warrant). The Company intends to use the proceeds of the offering for working capital, general corporate purposes, payments to a third-party marketing agency for services related to marketing and advertising, strategic investments, and any additional future acquisition (if any).

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

The offering is expected to close on June 28, 2024, subject to customary closing conditions. The offering is being 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 subsequently declared effective by the SEC on June 26, 2024. A final prospectus relating to the offering will be filed with the SEC and will be available on the SEC's website at https://www.sec.gov/. 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 info@dominarisecurities.com.

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 our publicly traded warrants trade on the Nasdaq under the symbol "SYTAW".

Visit https://siyata.net and unidencellular.com to learn more.

Investor Relations (Canada):
Kin Communications
1-866-684-6730
SYTA@kincommunications.com

Investor Relations (United States):
Brett Maas
Hayden IR
SYTA@Haydenir.com
646-536-7331

Siyata Mobile Corporate:
Glenn Kennedy, VP of International Sales
Siyata Mobile Inc.
glenn@siyata.net

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.

SOURCE: Siyata Mobile, Inc.



View the original press release on accesswire.com

FAQ

What is the size of Siyata Mobile's public offering announced in June 2024?

Siyata Mobile announced a public offering of approximately $6 million.

What is the share price for Siyata Mobile's public offering?

The share price for the offering is $0.58 per share.

When is Siyata Mobile's offering expected to close?

The offering is expected to close on June 28, 2024, subject to customary closing conditions.

What will Siyata Mobile use the proceeds from the offering for?

The proceeds will be used for working capital, general corporate purposes, marketing and advertising services, strategic investments, and potential future acquisitions.

Who is the placement agent for Siyata Mobile's offering?

Dominari Securities is the sole placement agent for the offering.

What is the stock symbol for Siyata Mobile?

The stock symbol for Siyata Mobile is SYTA.

Siyata Mobile Inc.

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