Siyata Mobile Inc. Announces Partial Exercise of Over-Allotment Option
VANCOUVER, British Columbia, Nov. 04, 2020 (GLOBE NEWSWIRE) — Siyata Mobile Inc. (NasdaqCM: SYTA, SYTAW) (“Siyata” or the “Company”) is pleased to announce that the underwriters, in connection with the Company’s U.S. initial public offering that closed on September 29, 2020 (the “Offering”), have partially exercised the over-allotment option. As a result, the Company has issued 120,000 additional common shares in the capital of the Company and 266,000 additional common share purchase warrants (the “Additional Warrants”) for aggregate gross proceeds of USD$721,460. Each Additional Warrant entitles the holder to acquire one common share of the Company at an exercise price of US$6.85 for a period of five years.
The Company intends to use the net proceeds from the offering for sales and marketing, growth capital, research and development with the remainder, if any, for working capital.The Offering was conducted pursuant to the Company’s registration statements on Form F-1 (File No. 333-248254 and File No. 333-249034) previously filed with and subsequently declared effective by the Securities and Exchange Commission (“SEC”). A prospectus relating to the Offering was filed with the SEC and is available on the SEC’s website at http://www.sec.gov. Electronic copies of the prospectus relating to this Offering may be obtained from Maxim Group LLC, 405 Lexington Avenue, 2nd Floor, New York, NY 10174, at (212) 895-3745.This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, any security in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.About Siyata Mobile Inc.Siyata Mobile Inc. is a B2B global vendor of next generation Push-To-Talk over Cellular (PTT) 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 improve communication, increase situational awareness and save lives.Its portfolio of enterprise cellular booster systems enables first responders and enterprise workers to amplify its cellular signal in remote areas, inside structural buildings where signals are weak and within vehicles for maximum cellular signal strength possible.Visit www.siyatamobile.com and http://www.unidencellular.com/ to learn more.On Behalf of the Board of Directors of:
SIYATA MOBILE INC.
Trevor Brucato, Managing Director
RBMG (RB Milestone Group LLC)
Glenn Kennedy, VP Sales
Siyata Mobile Inc.