Reverse Stock-Split to be effective on
December 27, 2024
VANCOUVER, BC, Dec. 24,
2024 /CNW/ -- Siyata Mobile Inc.
(Nasdaq: SYTA, SYTAW) ("Siyata" or the
"Company"), a global vendor of Push-to-Talk over Cellular
(PoC) devices and cellular signal booster systems, today announced
that it will effect a 1-for-10 reverse stock split ("Reverse Stock
Split") of its common share, no par value per share ("Common
Share"). The Reverse Stock Split will become effective at
12:01 a.m. Eastern Time on Friday,
December 27, 2024, and the Company's Common Share will commence
trading on the Nasdaq Capital Market on a post-split basis at the
opening of the market on December 27,
2024. The Company's Common Share will continue to trade on
the Nasdaq Capital Market under the Company's existing trading
symbol, "SYTA," and a new CUSIP number 83013Q 889 has been assigned
as a result of the Reverse Stock Split.
The Reverse Stock Split is primarily intended to bring the
Company into compliance with the $1.00 minimum bid price requirement for
maintaining its listing on Nasdaq. There is no guarantee the
Company will meet the minimum bid price requirement.
The 1-for-10 reverse stock split (the "Ratio") will
automatically combine and convert 10 current shares of the
Company's Common Share into one issued and outstanding new share of
Common Share. Each outstanding stock option, pre-funded warrant,
share purchase warrant, and other convertible security of the
Company convertible into pre-Reverse Stock Split Common Shares that
has not been exercised or cancelled prior to the effective date of
the implementation of the Reverse Stock Split will be adjusted
pursuant to the terms of the instrument or plan governing such
security on the same Reverse Stock Split Ratio described above, and
each holder of such pre-Reverse Stock Split convertible securities
will become entitled to receive post-Reverse Stock Split Common
Shares pursuant to such adjusted terms. The Reverse Stock Split
will not change the par value of the Common Share nor the
authorized number of shares of Common Share, preferred stock or any
series of preferred stock.
No fractional shares will be issued in connection with the
Reverse Stock Split. All fractional shares will be rounded up to
the next higher whole number, at a participant level.
The Company's transfer agent, Computershare, will serve as
exchange for the Reverse Stock Split. Registered shareholders
holding pre-split shares of the Company's Common Share
electronically in book-entry form are not required to take any
action to receive post-split shares. Shareholders owning shares via
a broker, bank, trust or other nominee will have their positions
automatically adjusted to reflect the Reverse Stock Split, subject
to such broker's particular processes, and will not be required to
take any action in connection with the Reverse Stock Split. Holders
of stock certificates will need to send their old physical
certificates with a letter of transmittal to receive their new
post-Reverse Stock Split certificate.
About Siyata Mobile
Siyata Mobile Inc. is a B2B global vendor of next generation
Push-To-Talk over Cellular devices, cellular booster systems, and
video monitoring solutions. Its portfolio of in-vehicle and rugged
devices 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 signals in remote areas, inside structural buildings where
signals are weak and within vehicles for the maximum cellular
signal strength possible.
For its video monitoring system, Siyata integrates software that
we license with off-the-shelf hardware providing our customers with
an integrated advanced camera system for management and visual
monitoring of their fleet vehicles.
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.
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.
