What's Going On With Siyata Mobile Shares Wednesday?

Siyata Mobile, Inc. SYTA stock is moving higher on Wednesday after the company announced it will acquire Core Gaming. This is what you need to know.

What To Know: Siyata will acquire Core by issuing shares valued at $160 million, with legacy Siyata shareholders guaranteed at least a 10% stake in the combined company.

Core is a global gaming developer and publisher with a portfolio consisting of over 2,000 casual mobile games. In the 2024 fiscal year, the company reported unaudited gross revenues of approximately $80 million and provided a positive outlook for future growth.

The current CEO of Siyata, Marc Seelenfreund, will step down, and Aitan Zacharin, the current CEO of Core, will lead the combined company. Seelenfreund will take charge of a newly formed Push-To-Talk-focused subsidiary.

“Today’s announcement is the product of an exhaustive assessment of numerous strategic alternatives for Siyata over the past several months. Core Gaming possesses all of the qualities we look for in a merger partner – strong business fundamentals, excellent management and opportunities for outsized growth. We could not be more excited to partner with Core Gaming and unlock value for our shareholders,” said Seelenfreund.

The merger is expected to be completed in the 2025 second quarter, subject to regulatory approval.

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SYTA Price Action: At the time of writing, Siyata stock is trading 15.7% higher at $4.05, according to data from Benzinga Pro.

Image: This illustration was generated using artificial intelligence via Midjourney.