Siyata Mobile Announces Pricing of its $4.0 Million Public Offering of Common Shares and Pre-Funded Warrants

Rhea-AI Summary

Siyata Mobile Inc. announced the pricing of its $4.0 million public offering of common shares and pre-funded warrants at a price of $1.30 per share. The company plans to use the proceeds for working capital, general corporate purposes, marketing expenses, and potential future acquisitions. The offering is expected to close on May 10, 2024, and is facilitated by Spartan Capital Securities, Siyata aims to become a global leader in the multi-billion-dollar Push-to-Talk over Cellular market.

Positive

• Siyata Mobile Inc. is taking steps to secure funding for growth and expansion by pricing a $4.0 million public offering of common shares and pre-funded warrants.

• The company's CEO, Marc Seelenfreund, expressed optimism regarding the offering's potential to fuel growth in 2024 and solidify Siyata's position in the Push-to-Talk over Cellular market.

• The pricing of the offering indicates investor interest and confidence in Siyata's future prospects, with a clear plan outlined for the use of proceeds to drive business objectives.

Negative

• There is a risk associated with the offering, as the success of the fundraising endeavor depends on market reception and investor demand for Siyata's common shares and pre-funded warrants.

• The utilization of proceeds for working capital and potential future acquisitions may involve risks and uncertainties related to business performance and strategic decision-making.

VANCOUVER, BC / ACCESSWIRE / May 8, 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 $4.0 million of common shares, and/or pre-funded warrants to purchase common shares at a public offering price of $1.30 per share. The Company intends to use the proceeds from the current 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).

Upon pricing of the current offering, Marc Seelenfreund, CEO of Siyata, said,"We have been making a lot of traction in our US sales efforts and are happy to have priced this equity only financing which will fuel our growth in 2024. Push to Talk over Cellular is a multi-billion-dollar market and we plan to make Siyata into the global leader of this industry."

Spartan Capital Securities, LLC is acting as the sole placement agent in connection with the offering. The offering is expected to close on May 10, 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. 333-278697) filed with the Securities and Exchange Commission (the "SEC") on April 15, 2024, as amended, and subsequently declared effective by the SEC on May 7, 2024, and a related registration statement that was filed with the SEC on May 8, 2024 pursuant to Rule 462(b) under the Securities Act of 1933 (and which became automatically effective upon filing). A final prospectus relating to the offering will be filed with the SEC and will be available on the SEC's website at http://www.sec.gov. Copies of the final prospectus relating to this offering may be obtained from Spartan Capital Securities, LLC, at 45 Broadway, 19th Floor, New York, NY 10006.

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."

Visit siyatamobile.com 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 pricing of Siyata Mobile's public offering?

Siyata Mobile priced its public offering at $4.0 million of common shares and pre-funded warrants at a price of $1.30 per share.

When is the offering expected to close?

The offering is expected to close on May 10, 2024, subject to customary closing conditions.

Who is acting as the sole placement agent for the offering?

Spartan Capital Securities, is serving as the sole placement agent in connection with the offering.

What does Siyata Mobile intend to use the proceeds from the offering for?

Siyata Mobile plans to utilize the proceeds for working capital, general corporate purposes, payments to a marketing agency, and potential future acquisition (if any).

What market does Siyata Mobile operate in?

Siyata Mobile is a global developer and vendor of Push-to-Talk over Cellular (PoC) handsets and accessories.