VANCOUVER, BC, Feb. 28,
2025 /CNW/ -- Siyata Mobile Inc. (Nasdaq:
SYTA) ("Siyata" or the "Company"), a global
developer and vendor of Push-to-Talk over Cellular (PoC) handsets
and accessories, today provided additional details related to
a key term of its definitive merger agreement with Core Gaming,
Inc. ("Core Gaming") that was announced on February 26, 2025.
Highlights of a Key Term of the Agreement
- As previously disclosed in the February
26 announcement, the Board of Directors of Siyata received a
fairness opinion from ValueScope, LLC, a Marshall & Stevens
company, confirming that the merger consideration to be paid by
Siyata to acquire Core Gaming is fair to Siyata from a financial
point of view, based on a valuation of Core Gaming of $160 million.
- Legacy Siyata shareholders of record on the closing date will
receive additional shares of SYTA in the form of a special,
one-time stock dividend within six months of the closing date of
the merger.
- This special, one-time stock dividend will consist of a number
of shares of Siyata necessary to make the Legacy Siyata
shareholders own at least 10% of the outstanding shares of the
combined entity immediately after the merger closes. This feature
ensures that Siyata shareholders will own a minimum of 10% of the
outstanding shares of SYTA calculated immediately after the merger,
regardless of market fluctuations.
The merger transaction is expected to be completed in the second
quarter of 2025, subject to regulatory approval and the
satisfaction of customary closing conditions in the merger
agreement.
As stated by Marc Seelenfreund,
CEO of Siyata, in the February 26,
2025 announcement of the definitive merger agreement, "We
could not be more excited to partner with Core Gaming and unlock
value for our shareholders."
About Core Gaming
Core Gaming is an international AI driven mobile games developer
and publisher headquartered in Miami. We create entertaining games for
millions of players worldwide, while empowering other developers to
deliver player-focused apps and games to enthusiasts. Core's
mission is to be the leading global AI driven gaming company. Since
our launch we have developed and co-developed over 2,000 games,
driven over 600 million downloads, and generated a global footprint
of over 40 million users from over 140 countries.
Visit www.coregaming.co to learn more.
About Siyata Mobile
Siyata Mobile Inc. is a B2B global developer and vendor of
next-generation Push-To-Talk over Cellular handsets and
accessories. Its portfolio of rugged PTT handsets and accessories
enables first responders and enterprise workers to instantly
communicate over a nationwide cellular network of choice, to
increase situational awareness and save lives. Police, fire, and
ambulance organizations as well as schools, utilities, security
companies, hospitals, waste management companies, resorts and many
other organizations use Siyata PTT handsets and accessories
today.
In support of our Push-to-Talk handsets and accessories, Siyata
also offers enterprise-grade In-Vehicle solutions and Cellular
Booster systems enabling our customers to communicate effectively
when they are in their vehicles, and even in areas where the
cellular signal is weak.
Siyata sells its portfolio through leading North American
cellular carriers, and through international cellular carriers and
distributors.
Siyata's common shares trade on Nasdaq under the symbol "SYTA"
and its warrants under the symbol "SYTAW".
Visit www.siyata.net to learn more and Contact IR - Siyata
Mobile to sign up for email alerts
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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SOURCE Siyata Mobile Inc.
