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Reverse Stock-Split to be effective on December 4, 2023
VANCOUVER, BC / ACCESSWIRE / November 30, 2023 / Siyata Mobile Inc. (NASDAQ:SYTA)(NASDAQ:SYTAW) ("Siyata" or the "Company"), a global vendor of Push-to-Talk over Cellular (PoC) devices and cellular signal booster systems, today announced today that it will effect a 1-for-7 reverse stock split ("Reverse Stock Split") of its common share, no par value per share ("Common Share"). The Reverse Stock Split will become effective at 12:01 a.m. Eastern Time on Monday, December 4, 2023, and the Company's Common Share will commence trading on the Nasdaq Capital Market on a post-split basis at the opening of the market on December 4, 2023. The Company's Common Share will continue to trade on the Nasdaq Capital Market under the Company's existing trading symbol, "SYTA," and a new CUSIP number 83013Q 707 has been assigned as a result of the Reverse Stock Split.
The Reverse Stock Split is primarily intended to bring the Company into compliance with the $1.00 minimum bid price requirement for maintaining its listing on Nasdaq. There is no guarantee the Company will meet the minimum bid price requirement.
The 1-for-7 reverse stock split (the "Ratio") will automatically combine and convert 7 current shares of the Company's Common Share into one issued and outstanding new share of Common Share. Each outstanding stock option, pre-funded warrant, share purchase warrant, and other convertible security of the Company convertible into pre-Reverse Stock Split Common Shares that has not been exercised or cancelled prior to the effective date of the implementation of the Reverse Stock Split will be adjusted pursuant to the terms of the instrument or plan governing such security on the same Reverse Stock Split Ratio described above, and each holder of such pre-Reverse Stock Split convertible securities will become entitled to receive post-Reverse Stock Split Common Shares pursuant to such adjusted terms. The Reverse Stock Split will not change the par value of the Common Share nor the authorized number of shares of Common Share, preferred stock or any series of preferred stock.
No fractional shares will be issued in connection with the Reverse Stock Split. All fractional shares will be rounded up to the next higher whole number.
The Company's transfer agent, Computershare, will serve as exchange for the Reverse Stock Split. Registered shareholders holding pre-split shares of the Company's Common Share electronically in book-entry form are not required to take any action to receive post-split shares. Shareholders owning shares via a broker, bank, trust or other nominee will have their positions automatically adjusted to reflect the Reverse Stock Split, subject to such broker's particular processes, and will not be required to take any action in connection with the Reverse Stock Split. Holders of stock certificates will need to send their old physical certificates with a letter of transmittal to receive their new post-Reverse Stock Split certificate.
Posted In: SYTA
