Siyata Announces Reverse Stock Split
Siyata Mobile Inc. (SYTA) has announced a 1-for-10 reverse stock split effective December 27, 2024. The split aims to comply with Nasdaq's $1.00 minimum bid price requirement for continued listing. Following the split, SYTA will continue trading under the same symbol with a new CUSIP number 83013Q 889.
The reverse split will automatically convert every 10 current shares into one new share. All outstanding stock options, warrants, and convertible securities will be adjusted accordingly. No fractional shares will be issued, with all fractions rounded up to the next whole number. The split won't affect the par value or authorized number of shares.
Siyata Mobile Inc. (SYTA) ha annunciato un raggruppamento azionario 1-10 che entrer脿 in vigore il 27 dicembre 2024. L'operazione ha lo scopo di conformarsi al requisito di prezzo minimo di offerta di $1.00 di Nasdaq per mantenere la quotazione. Dopo il raggruppamento, SYTA continuer脿 a essere scambiata con lo stesso simbolo e un nuovo numero CUSIP 83013Q 889.
Il raggruppamento convertir脿 automaticamente ogni 10 azioni attuali in una nuova azione. Tutte le opzioni azionarie, i warrant e i titoli convertibili in circolazione saranno adeguati di conseguenza. Non saranno emesse azioni frazionarie, con tutte le frazioni arrotondate al numero intero successivo. Il raggruppamento non influir脿 sul valore nominale o sul numero autorizzato di azioni.
Siyata Mobile Inc. (SYTA) ha anunciado un consolidaci贸n de acciones 1-10 que ser谩 efectiva el 27 de diciembre de 2024. La consolidaci贸n tiene como objetivo cumplir con el requisito de precio m铆nimo de oferta de $1.00 de Nasdaq para mantener la cotizaci贸n. Despu茅s de la consolidaci贸n, SYTA continuar谩 cotizando bajo el mismo s铆mbolo con un nuevo n煤mero CUSIP 83013Q 889.
La consolidaci贸n convertir谩 autom谩ticamente cada 10 acciones actuales en una nueva acci贸n. Todas las opciones de acciones, warrants y valores convertibles en circulaci贸n se ajustar谩n en consecuencia. No se emitir谩n acciones fraccionarias, y todas las fracciones se redondear谩n al siguiente n煤mero entero. La consolidaci贸n no afectar谩 al valor nominal ni al n煤mero autorizado de acciones.
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Siyata Mobile Inc. (SYTA) a annonc茅 un rapatriement d'actions 1 pour 10 qui entrera en vigueur le 27 d茅cembre 2024. Ce rapatriement a pour but de se conformer 脿 l'exigence de prix d'offre minimum de 1,00 $ de Nasdaq pour maintenir la cotation. Apr猫s ce rapatriement, SYTA continuera de se n茅gocier sous le m锚me symbole avec un nouveau num茅ro CUSIP 83013Q 889.
Le rapatriement convertira automatiquement chaque 10 actions actuelles en une nouvelle action. Toutes les options d'achat d'actions, les bons de souscription et les valeurs mobili猫res convertibles en circulation seront ajust茅es en cons茅quence. Aucune action fractionnaire ne sera 茅mise, toutes les fractions 茅tant arrondies au nombre entier sup茅rieur. Le rapatriement n'affectera pas la valeur nominale ou le nombre d'actions autoris茅es.
Siyata Mobile Inc. (SYTA) hat einen 1-锄耻-10-搁眉肠办飞盲谤迟蝉蝉辫濒颈迟 angek眉ndigt, der am 27. Dezember 2024 wirksam wird. Der Split dient dazu, die Nasdaq-Anforderung eines Mindestgebots von 1,00 $ f眉r die Fortsetzung der Notierung zu erf眉llen. Nach dem Split wird SYTA weiterhin unter demselben Symbol mit einer neuen CUSIP-Nummer 83013Q 889 gehandelt.
Der R眉ckw盲rtssplit wandelt automatisch jede 10 aktuelle Aktien in eine neue Aktie um. Alle ausstehenden Aktienoptionen, Warrants und wandelbaren Wertpapiere werden entsprechend angepasst. Es werden keine Bruchst眉cke von Aktien ausgegeben, wobei alle Bruchteile auf die n盲chste ganze Zahl gerundet werden. Der Split beeintr盲chtigt nicht den Nennwert oder die autorisierte Anzahl der Aktien.
- None.
- Company forced to implement reverse split to maintain Nasdaq listing
- No guarantee of meeting minimum bid price requirement despite reverse split
- Risk of continued stock price decline post-split based on historical patterns
Insights
The mechanics are straightforward - every 10 shares will combine into 1 share, theoretically multiplying the stock price by 10. However, reverse splits often signal deeper financial distress. Think of it like redenominating a currency - the total value stays the same, just with fewer, higher-value units. The market typically views these moves negatively, as they're often associated with struggling companies.
A key concern is that while this technically adjusts the share price upward, it doesn't address the underlying business challenges that led to the low stock price. Historical patterns show that many companies executing reverse splits continue to see price declines post-split, as the fundamental issues remain unresolved. The automatic rounding up of fractional shares to the next whole number could create minor dilution effects.
The implementation details are thorough and properly structured: the split affects all securities proportionally, maintains authorized share counts and includes appropriate provisions for fractional share handling. Computershare's appointment as the exchange agent provides necessary operational legitimacy.
The automatic adjustment of convertible securities and warrants (including SYTAW) at the same ratio maintains equitable treatment of all security holders. However, the timing - announced on December 24 for December 27 implementation - provides minimal notice to shareholders, though it meets legal requirements.
Reverse Stock-Split to be effective on December 27, 2024
The Reverse Stock Split is primarily intended to bring the Company into compliance with the
The 1-for-10 reverse stock split (the "Ratio") will automatically combine and convert 10聽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, at a participant level.
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.
About Siyata Mobile
Siyata Mobile Inc. is a B2B global vendor of next generation Push-To-Talk over Cellular devices, cellular booster systems, and video monitoring solutions. Its portfolio of in-vehicle and rugged devices enable first responders and enterprise workers to instantly communicate, over a nationwide cellular network of choice, to increase situational awareness and save lives.
Its portfolio of enterprise grade and consumer cellular booster systems enables first responders and enterprise workers to amplify cellular signals in remote areas, inside structural buildings where signals are weak and within vehicles for the maximum cellular signal strength possible.
For its video monitoring system, Siyata integrates software that we license with off-the-shelf hardware providing our customers with an integrated advanced camera system for management and visual monitoring of their fleet vehicles.
Siyata's Common Shares trade on the Nasdaq under the symbol "SYTA" and its previously issued warrants trade on the Nasdaq under the symbol "SYTAW."
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Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions or variations of such words are intended to identify forward-looking statements. Because such statements deal with future events and are based on Siyata's current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of Siyata could differ materially from those described in or implied by the statements in this press release. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading "Risk Factors" in Siyata's filings with the Securities and Exchange Commission ("SEC"), and in any subsequent filings with the SEC. Except as otherwise required by law, Siyata undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites and social media have been provided as a convenience, and the information contained on such websites or social media is not incorporated by reference into this press release.
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FAQ
When will Siyata's (SYTA) 1-for-10 reverse stock split take effect?
Why is Siyata (SYTA) implementing a reverse stock split?
How will SYTA's reverse split affect existing shareholders?
What happens to SYTA stock options and warrants after the reverse split?
Do SYTA shareholders need to take any action for the reverse split?
