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Siyata Mobile Inc. (NASDAQ: SYTA), a provider of cellular communication devices, will execute a 1-for-18 reverse stock split effective at 12:01 a.m. Eastern Time on August 2, 2024.
The company's common shares will begin trading on a post-split basis when the market opens on that date, under the existing ticker symbol "SYTA" and a new CUSIP number 83013Q 806.
The reverse stock split is aimed at complying with the Nasdaq's minimum bid price requirement of $1.00 for continued listing. The reverse split will consolidate 18 current shares into one new share. This action will not alter the par value of the shares or the authorized number of common or preferred shares.
No fractional shares will be issued in the reverse split. Shareholders who would own a fraction of a share will receive a rounded-up whole share instead. Siyata's transfer agent, Computershare, will manage the exchange process.
Shareholders with shares in electronic form do not need to take any action, while those with physical certificates will need to exchange them for new ones.
Siyata Mobile specializes in Push-To-Talk over Cellular devices and cellular booster systems for enterprise and first responder communications, as well as video monitoring solutions for fleet management. The company's shares and warrants are traded on the Nasdaq Capital Market under the symbols "SYTA" and "SYTAW" respectively.
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