Stock Markets
Siyata Mobile sets $6 million public offering price
VANCOUVER – Siyata Mobile Inc. (NASDAQ:SYTA), a global developer and vendor of Push-to-Talk over Cellular (PoC) devices, announced the pricing of its public offering at $0.58 per share, aiming to raise approximately $6 million. This offering includes common shares and pre-funded warrants to purchase common shares, with each pre-funded warrant priced $0.01 less than the common shares.
The company detailed that the net proceeds from the offering would be utilized for working capital, general corporate purposes, and payments to a third-party marketing agency for marketing and advertising services. Siyata also plans to allocate funds for strategic investments and potential future acquisitions.
Dominari Securities LLC is serving as the sole placement agent for the offering, which is expected to close on June 28, 2024, subject to the satisfaction of customary closing conditions.
This offering follows the effective registration statement on Form F-1 filed by Siyata with the Securities and Exchange Commission (SEC) on June 6, 2024, which was declared effective by the SEC on June 26, 2024. A final prospectus regarding the offering will be filed with the SEC and made available on its website.
Siyata Mobile’s portfolio caters to first responders and enterprise workers, providing rugged PTT handsets and accessories for instant communication over various cellular networks to enhance situational awareness and safety. Their products are employed by a wide range of sectors, including emergency services, schools, utilities, and hospitals, among others.
The company’s common shares and publicly traded warrants are listed on the Nasdaq under the symbols “SYTA” and “SYTAW,” respectively.
The information provided herein is based on a press release statement from Siyata Mobile Inc. and does not constitute an offer to sell or a solicitation of an offer to buy any securities. The sale of these securities will not be conducted in any jurisdiction where such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
In other recent news, Siyata Mobile Inc. has been active on several fronts. The company has secured a US patent for its VK7 Vehicle Kit, a device aimed at enhancing connectivity in vehicles. In a separate development, Siyata unveiled an AI noise-canceling device, an enhanced version of its SD7 Wired Palm Mic Pro, designed to improve communication clarity in loud environments.
The company also announced receiving new orders worth over $2.2 million for its SD7 handsets and accessories. Siyata has priced a public offering at $1.30 per share, aiming to raise $4 million for use as working capital, general corporate purposes, payments for marketing and advertising services, and potential future acquisitions.
These recent developments highlight Siyata’s ongoing efforts to innovate and expand its reach in the Push-to-Talk over Cellular (PoC) market. The company’s products, which include rugged PoC handsets and accessories, are distributed through major North American and international cellular carriers and distributors.
InvestingPro Insights
In light of Siyata Mobile Inc.’s (NASDAQ:SYTA) recent public offering announcement, it’s important to consider various financial metrics and analyst insights that could influence investor perception. Here are some key takeaways from InvestingPro:
Despite the company’s efforts to raise capital for strategic initiatives, Siyata Mobile’s market capitalization stands at a modest $0.95 million. This reflects the market’s current valuation of the company and is a critical figure for investors to note.
InvestingPro data indicates a significant revenue growth of 17.94% over the last twelve months as of Q1 2024, which aligns with the InvestingPro Tip that analysts anticipate sales growth in the current year. This growth is a positive signal for potential investors, as it suggests that the company is expanding its market presence and revenue streams.
However, the company’s financial health is not without concerns. Siyata Mobile has been trading at a low Price / Book multiple of 0.13, which might be indicative of the market’s assessment of the company’s asset value relative to its share price. The InvestingPro Tip highlights that the company is quickly burning through cash, which could raise questions about its long-term financial stability.
For investors looking for more comprehensive analysis and additional InvestingPro Tips, there are 17 more tips available on the InvestingPro platform, which can be accessed at https://www.investing.com/pro/SYTA. These tips provide deeper insights into Siyata Mobile’s financial health, stock performance, and market valuation.
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This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
(Reuters) -Private equity firm Insight Partners is on the brink of closing a new $10 billion-plus fund, roughly half the amount originally targeted, the Financial Times reported on Sunday, citing five people with knowledge of its plans.
Insight will not formally close its 13th fund until early next year, the report said, adding that the final figure may be closer to $12 billion.
Insight Partners declined to comment on the report.
The report said Insight is using a private equity-style structure to sell more than $1 billion worth of stakes in start-ups and to free up cash to return to investors.
One of the start-ups is Israeli cybersecurity firm Wiz, which had called off a $23 billion deal with Google parent Alphabet (NASDAQ:) in July, the report said.
New York-based Insight raised $20 billion for its 12th flagship fund in 2022, aiming to ramp up investments in software and technology companies.
JERUSALEM (Reuters) -Prime Minister Benjamin Netanyahu said Israel would inflict a “heavy price” on the Iran-aligned Houthis who control northern Yemen, after they reached central Israel with a missile on Sunday for the first time.
Houthi military spokesman Yahya Sarea said the group struck with a new hypersonic ballistic missile that travelled 2,040 km (1270 miles) in just 11 1/2 minutes.
After initially saying the missile had fallen in an open area, Israel’s military later said it had probably fragmented in the air, and that pieces of interceptors had landed in fields and near a railway station. Nobody was reported hurt.
Air raid sirens had sounded in Tel Aviv and across central Israel moments before the impact at around 6:35 a.m. local time (0335 GMT), sending residents running for shelter. Loud booms were heard.
Reuters saw smoke billowing in an open field in central Israel.
At a weekly cabinet meeting, Netanyahu said the Houthis should have known that Israel would exact a “heavy price” for attacks on Israel.
“Whoever needs a reminder of that is invited to visit the Hodeida port,” Netanyahu said, referring to an Israeli retaliatory air strike against Yemen in July for a Houthi drone that hit Tel Aviv.
The Houthis have fired missiles and drones at Israel repeatedly in what they say is solidarity with the Palestinians, since the Gaza war began with a Hamas attack on Israel in October.
The drone that hit Tel Aviv for the first time in July killed a man and wounded four people. Israeli air strikes in response on Houthi military targets near the port of Hodeidah killed six and wounded 80.
Previously, Houthi missiles have not penetrated deep into Israeli air space, with the only one reported to have hit Israeli territory falling in an open area near the Red Sea port of Eilat in March.
Israel should expect more strikes in the future “as we approach the first anniversary of the Oct. 7 operation, including responding to its aggression on the city of Hodeidah,” Sarea said.
The deputy head of the Houthi’s media office, Nasruddin Amer, said in a post on X on Sunday that the missile had reached Israel after “20 missiles failed to intercept” it, describing it as the “beginning”.
The Israeli military also said that 40 projectiles were fired towards Israel from Lebanon on Sunday and were either intercepted or landed in open areas.
“No injuries were reported,” the military said.
PARIS (Reuters) – Eight people have died trying to cross the Channel from France to England, French authorities said on Sunday, confirming earlier media reports.
This latest incident follows the deaths of 12 people earlier this month when their boat capsized in the Channel on its way to Britain and highlights the pressure on the British and French governments to find ways to tackle the boat crossings.
Jacques Billant, the Prefect of the Pas-de-Calais region, said that rescue crews were alerted that a boat with 59 people onboard was in difficulty in waters off the coast of Ambleteuse in the Pas-de-Calais area.
“A new drama took place around one in the morning and we deplore the death of eight people,” he told a news conference, adding that the other 51 onboard were now in the care of rescue and medical crews.
The dead were men from Eritrea, Sudan, Syria, Egypt, Iran and Afghanistan, he added.
The Channel is one of the world’s busiest shipping lanes and currents are strong, which makes crossing on small boats dangerous.
The latest incident brings to 46 the number of people who have died trying to cross the Channel from France since the start of the year, Billant said.
On September 14 alone there were eight attempts to cross the Channel from France and some 200 migrants were rescued, he said.
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