Vancouver - Siyata Mobile Inc. (Nasdaq: SYTA, SYTAW) ('Siyata' or the 'Company'), a global vendor of Push-to-Talk over Cellular (PoC) devices and cellular signal booster systems, today announced that the Company had received a notification letter dated August 26, 2022 from the Listing Qualifications Department of The Nasdaq Stock Market LLC ('Nasdaq'), notifying the Company that it is currently not in compliance with the minimum bid price requirement set forth under Nasdaq Listing Rule 5550(a)(2).
It resulted from the fact that the closing bid price of the Company's common shares, no par value per share ('Common Shares'), was below $1.00 per share for a period of 30 consecutive business days.
This press release is issued pursuant to Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification. The notification has no immediate effect on the listing of the Company's Common Shares, which will continue to trade uninterrupted on Nasdaq under the ticker 'SYTA.'
Pursuant to Nasdaq Listing Rule 5810(3)(A), the Company has a compliance period of 180 calendar days, or until February 22, 2023 (the 'Compliance Period'), to regain compliance with Nasdaq's minimum bid price requirement. If at any time during the Compliance Period, the closing bid price per share of the Company's Common Shares is at least $1.00 for a minimum of 10 consecutive business days, Nasdaq will provide the Company a written confirmation of compliance and the matter will be closed.
In the event the Company does not regain compliance with the minimum bid price requirement by February 22, 2023, the Company may be eligible for an additional 180 calendar day grace period to regain compliance. To qualify, the Company will be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for the Nasdaq Capital Market, with the exception of the bid price requirement, and will need to provide written notice to Nasdaq of its intention to cure the deficiency during the second compliance period, including by effecting a reverse stock split, if necessary. If the Company chooses to implement a reverse stock split, it must complete the split no later than 10 business days prior to February 22, 2023, or the expiration of the second compliance period if granted.
About Siyata Mobile
Siyata Mobile Inc. is a B2B global vendor of next generation Push-To-Talk over Cellular (PoC) devices and cellular booster systems. Its portfolio of in-vehicle and rugged smartphones 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.
Siyata's common shares trade on the Nasdaq under the symbol 'SYTA' and its warrants trade on the Nasdaq under the symbol 'SYTAW.'
Safe Harbor Statement
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as 'may,' 'will,' 'intend,' 'should,' 'believe,' 'expect,' 'anticipate,' 'project,' 'estimate,' or similar expressions that do not relate solely to historical matters, it is making forward-looking statements.
Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company's goals and strategies; the Company's future business development; product and service demand and acceptance; changes in technology; economic conditions; the growth of the PoC solutions market in the United States, Canada and the international markets the Company currently serves and plans to serve; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in the United States, Canada and the international markets the Company serves and plans to serve and assumptions underlying or related to any of the foregoing and other risks contained in reports furnished or filed by the Company with the Securities and Exchange Commission ('SEC'), including the Company's most recently filed Annual Report on Form 20-F and its subsequent filings. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.