Siyata Mobile Provides Additional Commentary Regarding the Terms of Its Proposed Merger with Core Gaming
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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