Siyata Mobile (NASDAQ: SYTA, SYTAW), a global vendor of push-to-talk over cellular (“PoC”) devices and cellular signal booster systems, today announced its entry into a securities agreement with certain institutional investors to purchase approximately $4.0 million of its common shares and pre-funded warrants in lieu thereof in a registered direct offering and warrants to purchase common shares in a concurrent private placement. According to the update, the combined effective purchase price for one common share (or pre-funded warrant in lieu thereof) and one warrant will be $0.23. Under the terms of the agreement, Siyata has agreed to sell 15,810,000 common shares and 1,590,000 pre-funded warrants. In a private placement, which will be consummated concurrently with the offering, Siyata has also agreed to issue warrants to purchase up to an aggregate of 17,400,000 common shares. The company expects approximately $4.0 million in gross proceeds from the offering, with net proceeds to be used for general corporate and working capital purposes. Subject to the satisfaction of customary conditions, the offering is expected to close on or about Oct. 12, 2022. Maxim Group LLC is acting as the sole placement agent in connection with the offering.
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About Siyata Mobile Inc.
Siyata Mobile is a B2B global vendor of next-generation push-to-talk over cellular (“PoC”) devices and cellular booster systems. Its portfolio of in-vehicle and rugged smartphones 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 signal in remote areas, inside structural buildings where signals are weak and within vehicles for the maximum cellular signal strength possible. Siyata’s common shares and warrants trade on the Nasdaq under the symbols SYTA and SYTAW, respectively. For more information about the company, visit www.SiyataMobile.com.
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