New Funding Vehicle to Drive Growing First Responder Mobile Tech with Under 1M in Float
Siyata Mobile’s (NASDAQ:SYTA) recent moves are designed to strengthen its footing with major carriers, including AT&T (NYSE:T), Verizon (NYSE:VZ), and T-Mobile (NASDAQ:TMUS), but the moves could propel a market response that parallels Incannex Healthcare (NASDAQ:IXHL) or Neximmune’s (NASDAQ:NEXI) recent reverse split squeezes.
DENVER, Colo., Dec. 4, 2023 (247marketnews.com)- Siyata Mobile’s (NASDAQ:SYTA) wholly-owned subsidiary, Signifi Mobile, inked a game changing deal, with one of the largest US factor and finance companies, to fund purchase orders and factor receivables.
While very shareholder friendly moves are always welcome, purchase order and receivable funding isn’t usually an earth-shattering news.
However, for a rapidly growing company that’s dealing with the growing pains associated with several recent successes, this marks a pivotal moment.
Siyata is expanding its sales network and product lines. Its products are carried by all the major US cellphone carriers, including AT&T (NYSE:T), Verizon (NYSE:VZ), and T-Mobile (NASDAQ:TMUS), and it’s growing its international footprint. with a stated goal of reaching profitability by mid-2024.
More importantly, it’s transitioning from nonstock to stock status with one of the top three domestic carriers, an achievement that most devices do not attain. Siyata is the smallest company, by far, that will have a stocked device at a major mobile carrier and it’s working on attaining cobranding status with the others.
Rather than purchasers paying the full price upfront for Siyata’s equipment, cobranded products typically have a nominal upfront fee, with the balance worked into the monthly payments. So, first responders will now be able to pay something like 99-cents upfront, rather than take an approximately $400 MSRP upfront hit for Siyata’s rugged SD7 handset.
Prior to closing its first cobranding deal with one of the big three carriers, Siyata was already developing new sales verticals in rapid growth markets and setting quarterly records for its SD7 Push-to-Talk (PTT) handsets, VK7 vehicle kits and related accessories.
Plus, Siyata is gearing up to launch its upcoming SD7+ all-in-one handset, which features include a body cam, mission-critical PTT, and 4G compatibility, making it ideal for public safety and private security markets. Marc Seelenfreund, Siyata’s CEO, already stated that they expect to deliver upcoming quarters that will be much better than the Company’s typical performance
Despite Siyata’s strong product offerings and growth, the Company’s less than stellar funding execution, which the Company needed to deliver orders and anticipated upcoming orders, has been a millstone around the neck of its share price.
Addidionally, Siyata is now trading post 1-for-7 reverse stock split in a market that’s caught numerous shorts in powerful squeeze plays, like Incannex Healthcare Inc (NASDAQ:IXHL) and Neximmune Inc (NASDAQ:NEXI). So, considering the minuscule current share structure, that’s another potential development to keep an eye on as the Company moves forward.
Management completed this much needed step to help create and protect shareholder value, as they position the Company for sustained growth and even better business prospects moving forward.
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Statements in this press release about the Company’s future and expectations other than historical facts are “forward-looking statements.” These statements are made on the basis of management’s current views and assumptions. As a result, there can be no assurance that management’s expectations will necessarily come to pass. These forward-looking statements generally can be identified by phrases such as “believes,” “plans,” “expects,” “anticipates,” “foresees,” “estimated,” “hopes,” “if,” “develops,” “researching,” “research,” “pilot,” “potential,” “could” or other words or phrases of similar import. Forward looking statements include descriptions of the Company’s business strategy, outlook, objectives, plans, intentions and goals. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements. This press release does not constitute an offer to sell or the solicitation of an offer to buy any security.