Siyata Mobile Announces Pricing of its Upsized US$12.6 Million U.S. Initial Public Offering

MONTREAL, Sept. 25, 2020 (GLOBE NEWSWIRE) -- Siyata Mobile Inc. (TSX-V:SIM) (OTCQX:SYATF) (FRA: WK3D) (NasdaqCM: SYTA, SYTAW) (“Siyata” or the “Company”) today announced the pricing of its U.S. initial public offering of 2,100,000 units at a price of US$6.00 per unit. Each unit consists of one common share and one warrant to purchase one common share. The common shares and warrants are immediately separable from the units and will be issued separately.   The common shares and warrants have been approved to list on the Nasdaq Capital Market under the symbols “SYTA” and “SYTAW,” respectively, and are expected to begin trading on September 25, 2020. Siyata expects to receive gross proceeds of approximately US$12.6 million, before deducting underwriting discounts and commissions and other estimated offering expenses.

The warrants are exercisable immediately, expire five years from the date of issuance and will have an exercise price of US$6.85 per share. The offering is expected to close on September 29, 2020, subject to customary closing conditions.

Prior to the Offering, the common shares of the Company have traded on the OTCQX, operated by the OTC Market Group Inc. (the "OTCQX"), and as of September 25, 2020 will no longer be quoted for trading on the OTCQX. The Shares will continue to be listed for trading on the TSX Venture Exchange, operated by the TMX Group Limited.

As previously announced, the Company has completed a consolidation of its common shares on the basis of one hundred and forty five (145) pre-consolidation common shares for one (1) post-consolidation common share which will become effective at the opening of the market on September 25, 2020.

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.

Maxim Group LLC is acting as sole book-running manager for the offering.

Siyata has granted the underwriters a 45-day option to purchase up to 266,000 common shares and/or warrants to purchase 266,000 common shares, or any combination thereof, to cover over-allotments, if any.

The offering is being conducted pursuant to the Company's registration statement on Form F-1 (File No. 333-248254) previously filed with and subsequently declared effective by the Securities and Exchange Commission ("SEC"). A prospectus relating to the offering will be filed with the SEC and will be available on the SEC's website at http://www.sec.gov. Electronic copies of the prospectus relating to this offering, when available, may be obtained from Maxim Group LLC, 405 Lexington Avenue, 2nd Floor, New York, NY 10174, at [phone].