SIM.v/SYATF C$.54
"Siyata Receives $6.19M from Exercise of Warrants
Financing Provides Ample Support for Worldwide Carrier Launches of First Vehicle-Mounted 4G/LTE Smartphone
Montréal, QC – Siyata Mobile Inc. (TSX-V:SIM | OTCQX: SYATF) (the "Company" or "Siyata"), is pleased to announce it has received proceeds of $6.19 million as a result of warrants which expired on March 18, 2019, representing the largest injection of capital the Company has received since going public in July 2015.
Marc Seelenfreund, CEO of Siyata Mobile states, “We are pleased to receive cash injection as we continue to reach milestones for the Company. As a result, we are well funded to support the upcoming UV350 launch with AT&T as well additional US and global carriers in an effort to drive highly successful launches of the world’s first vehicle-mounted LTE/4G for first responders and commercial fleet drivers worldwide.”
If you do the math, 97.64% of warrant holders exercised. That's a tremendous vote of confidence since the share price was right around C$.50 when they committed their money. In other words, the warrant exercise could have tanked the share price but it's gone up instead.
Now Siyata has a nice cash cushion to survive the product transition to the UV-350 from the legacy products AND help the company pay for the upcoming US launch.
Still waiting for the big PR that says AT&T has certified the UV-350. Should be the start of a nice looking stock chart.
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