Global telecommunications developer Siyata Mobile has revealed plans for a public offering of 2,400,000 common shares (or pre-funded warrants) at a price of $0.65 per share, the company announced today. This move is part of the broader strategy of Siyata Mobile to bolster its Push-to-Talk over Cellular (PoC) handset and accessory offerings. Following the disclosure, the stock of Siyata Mobile stock experienced a decline.
At the time of this publication, Siyata Mobile Inc stock (SYTA) has witnessed a decline.
Siyata Mobile Inc
Current Price: $0.66
Change : -0.63
Change (%): (-48.64%)
Volume: 1.3M
Source: Tomorrow Events Market Data
The gross proceeds anticipated to accrue to the company from this offering, prior to factoring in placement agent fees, commissions, and additional offering expenses, are estimated to hover around $1.6 million. These funds are earmarked for deployment in vital areas such as working capital and general corporate initiatives.
Pending the fulfillment of customary closing conditions, the offering is slated to conclude on or around October 31, 2023.
Maxim Group LLC is spearheading the offering as the sole placement agent, lending its expertise to navigate the complexities of the transaction.
The stock value of Siyata Mobile has experienced a sharp decline across various time frames, reflecting a challenging period for the company. Over the last five days, the stock plummeted by 67.96%, signaling a significant downturn. This trend continues over a broader spectrum: a staggering 76.26% drop in value over the past month, an 84.61% decline over three months, and a substantial year-to-date depreciation of 95.62%. Looking back over the course of a year, Siyata Mobile’s stock performance shows a notable decline of 94.83%, highlighting the formidable obstacles faced by the company in the market. This data underscores a turbulent period for Siyata Mobile and its stakeholders.
The substantial decline in Siyata Mobile’s stock performance across multiple time frames underscores the challenges the company currently faces in the market.
