Siyata Mobile Provides Additional Commentary Regarding the Terms of Its Proposed Merger with Core Gaming
Siyata Mobile (Nasdaq: SYTA) has provided additional details regarding its merger agreement with Core Gaming, announced on February 26, 2025. The merger, valued at $160 million based on a fairness opinion from ValueScope , includes a special provision for existing Siyata shareholders.
Legacy shareholders will receive a one-time stock dividend within six months of the merger closing, ensuring they maintain at least 10% ownership of the combined entity post-merger. The transaction is expected to complete in Q2 2025, subject to regulatory approvals and customary closing conditions.
Siyata Mobile (Nasdaq: SYTA) ha fornito ulteriori dettagli riguardo al suo accordo di fusione con Core Gaming, annunciato il 26 febbraio 2025. La fusione, valutata a 160 milioni di dollari sulla base di un'opinione di equità di ValueScope, include una disposizione speciale per gli azionisti esistenti di Siyata.
Gli azionisti storici riceveranno un dividendo azionario una tantum entro sei mesi dalla chiusura della fusione, garantendo loro di mantenere almeno il 10% della proprietà dell'entità combinata dopo la fusione. Si prevede che la transazione si completi nel secondo trimestre del 2025, soggetta ad approvazioni regolatorie e condizioni di chiusura abituali.
Siyata Mobile (Nasdaq: SYTA) ha proporcionado detalles adicionales sobre su acuerdo de fusión con Core Gaming, anunciado el 26 de febrero de 2025. La fusión, valorada en 160 millones de dólares según una opinión de equidad de ValueScope, incluye una disposición especial para los accionistas existentes de Siyata.
Los accionistas históricos recibirán un dividendo en acciones único dentro de los seis meses posteriores al cierre de la fusión, asegurando que mantengan al menos el 10% de la propiedad de la entidad combinada después de la fusión. Se espera que la transacción se complete en el segundo trimestre de 2025, sujeta a aprobaciones regulatorias y condiciones de cierre habituales.
시아타 모바일 (Nasdaq: SYTA)는 2025년 2월 26일 발표된 코어 게이밍과의 합병 계약에 대한 추가 세부정보를 제공했습니다. 이 합병은 ValueScope의 공정성 의견에 따라 1억 6천만 달러로 평가되며, 기존 시아타 주주를 위한 특별 조항이 포함되어 있습니다.
기존 주주들은 합병 종료 후 6개월 이내에 일회성 주식 배당금을 받을 것이며, 이를 통해 합병 후 결합된 기업의 최소 10% 소유권을 유지할 수 있습니다. 이 거래는 2025년 2분기에 완료될 것으로 예상되며, 규제 승인 및 일반적인 종료 조건에 따라 달라질 수 있습니다.
Siyata Mobile (Nasdaq: SYTA) a fourni des détails supplémentaires concernant son accord de fusion avec Core Gaming, annoncé le 26 février 2025. La fusion, évaluée à 160 millions de dollars sur la base d'un avis d'équité de ValueScope, comprend une disposition spéciale pour les actionnaires existants de Siyata.
Les actionnaires historiques recevront un dividende en actions unique dans les six mois suivant la clôture de la fusion, garantissant ainsi qu'ils conservent au moins 10 % de la propriété de l'entité combinée après la fusion. La transaction devrait être finalisée au deuxième trimestre de 2025, sous réserve des approbations réglementaires et des conditions de clôture habituelles.
Siyata Mobile (Nasdaq: SYTA) hat zusätzliche Details zu seiner Fusionsvereinbarung mit Core Gaming, die am 26. Februar 2025 bekannt gegeben wurde, bereitgestellt. Die Fusion, die auf einer Fairness-Meinung von ValueScope mit 160 Millionen Dollar bewertet wird, beinhaltet eine besondere Bestimmung für bestehende Siyata-Aktionäre.
Bestandsaktionäre erhalten innerhalb von sechs Monaten nach Abschluss der Fusion eine einmalige Aktien-Dividende, um sicherzustellen, dass sie nach der Fusion mindestens 10% der Anteile am kombinierten Unternehmen halten. Der Abschluss der Transaktion wird im 2. Quartal 2025 erwartet, vorbehaltlich der behördlichen Genehmigungen und üblicher Abschlussbedingungen.
- Fairness opinion confirms $160M valuation of Core Gaming
- Protection mechanism ensures minimum 10% ownership for legacy shareholders
- Merger expected to complete in Q2 2025
- Significant dilution for current shareholders (90% ownership reduction)
- Transaction subject to regulatory approval and closing conditions
Highlights of a Key Term of the Agreement
- As previously disclosed in the February 26 announcement, the Board of Directors of Siyata received a fairness opinion from ValueScope, LLC, a Marshall & Stevens company, confirming that the merger consideration to be paid by Siyata to acquire Core Gaming is fair to Siyata from a financial point of view, based on a valuation of Core Gaming of
$160 million - Legacy Siyata shareholders of record on the closing date will receive additional shares of SYTA in the form of a special, one-time stock dividend within six months of the closing date of the merger.
- This special, one-time stock dividend will consist of a number of shares of Siyata necessary to make the Legacy Siyata shareholders own at least
10% of the outstanding shares of the combined entity immediately after the merger closes. This feature ensures that Siyata shareholders will own a minimum of10% of the outstanding shares of SYTA calculated immediately after the merger, regardless of market fluctuations.
The merger transaction is expected to be completed in the second quarter of 2025, subject to regulatory approval and the satisfaction of customary closing conditions in the merger agreement.
As stated by Marc Seelenfreund, CEO of Siyata, in the February 26, 2025 announcement of the definitive merger agreement, "We could not be more excited to partner with Core Gaming and unlock value for our shareholders."
About Core Gaming
Core Gaming is an international AI driven mobile games developer and publisher headquartered in
Visit www.coregaming.co to learn more.
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 Nasdaq under the symbol "SYTA" and its warrants under the symbol "SYTAW".
Visit www.siyata.net to learn more and Contact IR - Siyata Mobile to sign up for email alerts
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
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