Broadband  |  2024-05-12

Siyata Mobile Announces Closing of approx. $4.0 Million Public Offering of Common Shares and Pre-Funded Warrants

Source: Siyata Mobile
Curated by: Gert Jan Wolf - Editor-in Chief for The Critical Communications Review

Siyata Mobile Inc. (NASDAQ: SYTA, 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 $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 gross proceeds of the offering to the Company, before deducing placement agent fees and commissions and other offering expenses, were approximately $3.9 million (excluding proceeds to the Company, if any, that may result from the future exercise of the pre-funded warrants issued in the offering). 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 closing of the 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."