New York, NY, May 10, 2024 (GLOBE NEWSWIRE) — Spartan Capital Securities LLC, a premier investment banking firm, is thrilled to announce the successful closing of Siyata Mobile Inc.’s public offering. The offering comprised of common shares and pre-funded warrants, priced at $1.30 per share, totaling $4.0 million. Siyata Mobile Inc. (“Siyata” or the “Company”) is a global developer and vendor of Push-to-Talk over Cellular (PoC) handsets and accessories. The shares are listed on the Nasdaq under the ticker symbols “SYTA” and “SYTAW”.
The transaction has generated gross proceeds of $4.0 million for Siyata, prior to deductions for underwriting discounts and other related expenses. The offering closed on May 10, 2024, as per schedule, subject to customary closing conditions. Additionally, Siyata has granted the underwriters a 45-day option to purchase additional shares at the public offering price, less underwriting discounts.
The capital raised through this offering will primarily fuel Siyata’s expansion in US markets, bolster marketing efforts, and support potential future acquisitions.
The offering was conducted on a firm commitment basis, with Spartan Capital Securities LLC serving as the sole placement agent. Sichenzia Ross Ference Carmel LLP represented Siyata Mobile in this public offering, with the legal team led by partners Ross Carmel and Thiago Spercel, and associate Mohit Agrawal. Lucosky Brookman LLP served as counsel for Spartan Capital Securities in connection with the offering.
Marc Seelenfreund, CEO of Siyata Mobile Inc., expressed his satisfaction with the offering, stating, “We are delighted to have completed this offering, which will accelerate our growth and solidify our position in the PoC market. I extend my sincere appreciation to the entire Spartan team for their dedication and hard work throughout this process.”
John Lowry, CEO of Spartan Capital Securities LLC, added, “This successful public offering marks a significant milestone in Siyata Mobile’s journey. Our role as the sole placement agent underscores our capability to lead complex transactions that enhance shareholder value. We believe Siyata Mobile is well-positioned for future successes, and we look forward to continuing our support.”
Spartan Capital Securities LLC extends its sincere gratitude to Siyata’s management team for their collaboration and commitment throughout the offering process.
About Spartan Capital Securities, LLC:
Spartan Capital Securities, LLC, is a leading full-service financial firm, providing expert investment advice to high-net-worth individuals and institutional clients. Renowned for its deep market knowledge, strategic risk management, and personalized service, Spartan Capital stands as a beacon of integrity and professionalism in the financial services industry. For more information, please visit www.spartancapital.com.
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