Siyata Mobile Announces Closing of Approximately $4.0 Million Public Offering of Common Shares and Pre-Funded Warrants

VANCOUVER, BC / ACCESSWIRE / May 10, 2024 / Siyata Mobile Inc. (NASDAQ:SYTA)(NASDAQ:SYTAW) ("Siyata" or the "Company"), a global developer and vendor of Push-to-Talk over Cellular (PoC) handsets and accessories,today announced the closing of its previously announced public offering of $4.0 million of common shares, and/or pre-funded warrants to purchase common shares at a public offering price of $1.30 per share. The gross proceeds of the offering to the Company, before deducing placement agent fees and commissions and other offering expenses, were approximately $3.9 million (excluding proceeds to the Company, if any, that may result from the future exercise of the pre-funded warrants issued in the offering). The Company intends to use the proceeds from the current offering for working capital, general corporate purposes, payments to a third-party marketing agency for services related to marketing and advertising, and future acquisition (if any).

Upon closing of the offering, Marc Seelenfreund, CEO of Siyata, said, "We have been making a lot of traction in our US sales efforts and are happy to have priced this equity only financing which will fuel our growth in 2024. Push to Talk over Cellular is a multi-billion-dollar market and we plan to make Siyata into the global leader of this industry."

Spartan Capital Securities, LLC acted as the sole placement agent in connection with the offering.

The offering was conducted pursuant to the Company's registration statement on Form F-1, as amended, (File No. 333-278697) initially filed with the Securities and Exchange Commission (the "SEC") on April 15, 2024, declared effective by the SEC on May 7, 2024, and as supplemented by a post-effective amendment to the Company's registration statement on Form F-1 MEF (File No. 333-279198), filed with the SEC on May 8, 2024. A final prospectus relating to the offering has been filed with the SEC and is available on the SEC's website at http://www.sec.gov. Copies of the final prospectus relating to this offering may be obtained from Spartan Capital Securities, LLC, at 45 Broadway, 19th Floor, New York, NY 10006.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities 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.