Siyata Announces U.S. Registration Statement Filing

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

MONTRÉAL, Sept. 14, 2020 (GLOBE NEWSWIRE) -- Siyata Mobile Inc. (TSX-V:SIM / OTCQX:SYATF/ FRA: WK3D) (“Siyata” or the “Company”) is pleased to announce that it has filed a registration statement  on Form F-1 (the “F1”) with the U.S Securities and Exchange Commission (“SEC”). Maxim Group LLC has been engaged to act as sole book-runner and manager of the proposed offering (the “Offering”).

The proposed Offering contemplated by the F-1 is an initial public offering in the United States of units of the Company (collectively, the “Units”) consisting of one post-consolidated common share in the capital of the Company and one warrant to purchase one additional post-consolidated common share in the capital of the Company. The final terms of the Offering have not yet been finalized but will be completed following a proposed share consolidation or reverse split of the Company’s issued and outstanding common shares (the “Consolidation”). Information in the F1 assumes a Consolidation ratio of 80:1, however, the final Consolidation ratio has not yet been finalized and remains subject to approval by the Company’s Board of Directors prior to the effective date of the F1 and completion of the Offering.

The Company has also applied to have its common shares and warrants approved for listing on the Nasdaq Capital Market under the symbols “SYAT” and SYATW” respectively in conjunction with the closing of the proposed Offering. There can be no assurance that the Company’s listing application will be approved.

The proposed Offering and Consolidation remain subject to the receipt of all necessary regulatory approvals in Canada and the United States. The terms of the Offering and the final Consolidation ratio also remain subject to Siyata’s Board approval and the approval of the underwriters. There can be no assurance that the Offering or the Consolidation will be completed. The Company will disseminate a further news release announcing further details once the terms are finalized.

Marc Seelenfreund, Siyata CEO stated, “As Siyata is focused on growing sales in the US market and is working with household name US cellular carriers and distributors, we believe that listing on Nasdaq is a positive event for the Company as it will allow us access to the large scale and broad base US investor community.”

The offering of these securities may be made only by means of a prospectus.

The F-1, including a prospectus, which is preliminary and subject to completion, relating to these securities has been filed with the SEC, but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, nor may any portion of the purchase price be received, prior to the time the F-1 becomes effective. This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.