Siyata Mobile To Raise $4M Via Private Institutional Placement

Global vendor of Push-to-Talk over Cellular (PoC) devices and cellular signal booster systems Siyata Mobile, Inc SYTA agreed to sell 15.8 million shares and 1.59 million pre-funded warrants to certain institutional investors in a private placement.
The combined effective purchase price for one share and (pre-funded warrant in lieu thereof) and one warrant will be $0.23.
The warrants will be immediately exercisable, expire five years from the date of issuance, and will have an exercise price of $0.23 per share.
The gross proceeds from the offering will likely be $4.0 million.
The net proceeds from this offering will serve general corporate and working capital purposes.
Siyata Mobile held $4.1 million in cash and equivalents as of June 30.
Price Action: SYTA shares traded lower by 54.95% at $0.1383 on the last check Monday.