Siyata Mobile tumbled nearly 42% in premarket trading after raising $20M via stock offering.
It has priced its public offering of 8,695,652 common shares and accompanying warrants to purchase equal number of shares. Each common share is being sold together with one common warrant at a combined price of $2.30. The Expected gross proceeds are $20M.Underwriters' over-allotment is an additional 1,304,347 shares/warrants.The five-year warrants will be immediately exercisable at a price of $2.30/share.
Net proceeds will be used to repay a portion of its outstanding senior secured convertible promissory note, for general corporate purposes including working capital, and R&D activities. The Closing date is January 11, 2022.
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