VANCOUVER, BC - Siyata Mobile Inc. (NASDAQ:SYTA)(NASDAQ:SYTAW), a global developer and vendor of Push-to-Talk over Cellular (PoC) devices, has announced the pricing of its public offering. The company is offering $4 million in common shares and/or pre-funded warrants to purchase common shares, with a public offering price set at $1.30 per share.
The proceeds from the offering are intended for use as working capital, general corporate purposes, payments for marketing and advertising services, and potential future acquisitions.
Marc Seelenfreund, CEO of Siyata, expressed optimism about the company's growth and its position in the PoC market, which he described as a multi-billion-dollar industry.
Spartan Capital Securities, LLC is the sole placement agent for the offering, which is expected to close on May 10, 2024, subject to customary closing conditions.
The offering is pursuant to the company's registration statement on Form F-1, as amended, filed with the Securities and Exchange Commission (SEC) on April 15, 2024, and declared effective by the SEC on May 7, 2024.
Siyata Mobile specializes in the development and sale of rugged PoC handsets and accessories, designed to facilitate instant communication for first responders and enterprise workers over a nationwide cellular network. The company's products are used by various organizations including police, fire, ambulance services, schools, and hospitals, among others.
The company's common shares are traded on the Nasdaq under the symbol "SYTA," and its previously issued warrants trade under the symbol "SYTAW."
This announcement is based on a press release statement and does not constitute an offer to sell or a solicitation of an offer to buy any securities. The final prospectus relating to the offering will be available on the SEC's website and from Spartan Capital Securities, LLC. The information in this article is not incorporated by reference into this press release.
InvestingPro Insights
As Siyata Mobile Inc. (NASDAQ:SYTA) navigates its public offering, insightful data from InvestingPro provides a deeper look into the company's financial health and market position. With a market capitalization of just $1.21 million USD, Siyata is a small player in the technology sector. Despite a challenging environment, analysts have highlighted some positive aspects such as the company's cash position, which currently exceeds its debt, potentially providing a cushion for its operations and investment plans.
InvestingPro Tips suggest that Siyata is trading at a low Price / Book multiple of 0.12, which may attract investors looking for undervalued stocks. However, the company has been quickly burning through cash, and analysts do not expect it to be profitable this year. The stock has also experienced significant price volatility, with a 52-week low price percentage of just 2.02%, indicating a steep decline in its market value over the past year.
From a revenue standpoint, Siyata reported growth of 27.02% over the last twelve months as of Q1 2023, but experienced a quarterly revenue decline of 11.08% in Q1 2023. This mixed performance reflects the company's efforts to expand in the competitive PoC market while managing its financial resources.
For investors seeking additional insights, there are 17 more InvestingPro Tips available for Siyata Mobile Inc., which can be accessed through the InvestingPro platform. These tips could provide valuable information for making informed investment decisions. Interested readers can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, enhancing their investment research with comprehensive data and analytics.
It's important for investors to consider these metrics and tips in the context of Siyata's current public offering and overall business strategy. The company's focus on the PoC market and its potential for growth in this area could be key factors in evaluating its future prospects.
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