Siyata Mobile’s Core Gaming Merger Could Become Your Favorite Dividend Play in 2025

April 1, 2025

Core Gaming CEO to Share Growth Strategy Details April 3

DENVER, Colo., Apr 01, 2025 (247marketnews.com)- Siyata Mobile (NASDAQ:SYTA)(Siyata) is rewriting the script with a spotlight on its $160 million Core Gaming merger and the real fireworks hit on April 3, at the AI & Technology Virtual Investor Conference.

Core Gaming’s CEO, Aitan Zacharin, will take the virtual stage at 10:30 AM ET on VirtualInvestorConferences.com, unpacking a growth strategy that ValueScope, LLC—the Marshall & Stevens valuation gold standard—projects may increase its enterprise value from $185.9 million, as of November 30, 2024 to a mind-blowing $722 million to 963 million, by 2026.

Please click here to view ValueScope’s Core Gaming valuation report.

If realized, the current 2X arbitrage play could grow to 13X to 18X for record date Siyata shareholders, post-merger.

Core Gaming, an AI-driven gaming powerhouse, raked in $80 million in 2024 revenue, boasts 40 million monthly active users (MAUs), and notched 600 million downloads across 2,000+ games in 140 countries. However, Zacharin’s April 3 pitch should highlight Core Gaming’s plan to target an even larger share of the estimated $126 billion mobile gaming market.

Echoing ValueScope’s faith in Core’s 40 million monthly active users (MAUs), which is 10% of Activision’s when it scored Microsoft’s (NASDAQ:MSFT) big $68.7 billion buyout, and its 500 million+ user base, it’s easy to see why the numbers dazzle. Core’s revenue rocketed from $13.2 million in 2021 to an estimated $90.8 million in 2024, with ValueScope forecasting $145.8 million in 2025 and $240.8 million in 2026—a 50% year-over-year leap. EBITDA margins climb to 8.9% in 2026, hitting $21.4 million. Apply industry-standard EV/Sales multiples—think AppLovin’s 3x-5x—and Core’s 2026 EV lands between $722.4 million (3x) and $963.2 million (4x). Peek into 2027 with a conservative 40% growth to $337.1 million and a 9% EBITDA margin ($30.3 million), and the EV could soar to $1.01 billion-$1.35 billion—an epic arc from its 89% CAGR since 2021.

Merger Math for Record Date Siyata shareholders

The $160 million Core Gaming merger includes a built-in safety net for Siyata’s shareholders, blending upside potential with downside protection. Announced February 26, 2025, and slated for an April close, this merger’s structure could double record date shareholders’ stake, depending on the upcoming price action.

Core Gaming’s $160 million valuation will be divided by Siyata’s 10-day VWAP record date value to set the share issuance.

Based on fully diluted share structure (Including fully exercised ELOC) Siyata would have around 4.1 million shares at the record date, meaning Siyata would have an approximate $8.4 million market cap.

If SYTA’s 10-day VWAP during the record date period increases to $4.00, the combined company would have 40 million total shares, with Core Gaming receiving 36 million shares and Siyata’s record date shareholders receiving 4 million shares of the combined Company, so just a little under a 1:1 ratio and the combined Company should be valued at least $185.9 million, based on ValueScope’s November valuation. Theoretically speaking, the post-merger shares should be valued at $185.9 million divided by 40 million shares, or $4.64 per share and considering Core Gaming’s impressive growth rate that may be well under the actual value.

Let’s now assume a $2.00 per share 10-day VWAP record date share price, to keep the math simple, which would result in 80 million shares.

Here’s where the merger math gets interesting. $160 million divided by $2 10-day VWAP = 80 million shares total, but SYTA record date shareholders are guaranteed at least 10%, so the 4.1 million, if fully diluted, turn into 8 million shares, meaning that every SYTA record date share will receive nearly a full additional share dividend within six months of the determined merger date, as a result of a guarantee that pre-merger closing shareholders would keep at least 10% ownership in the combined companies.

ValueScope, LLC, a Marshall & Stevens company, is recognized as the gold standard in financial valuation. From blockbuster mergers to high-stakes litigation, ValueScope has left its mark on some of Wall Street’s prime transactions, wielding a meticulous approach that’s the envy of the Street.

ValueScope included AppLovin (NASDAQ:APP), Bilibili (NASDAQ:BILI), Golden Matrix (NASDAQ:GMG), Playtika (NASDAQ:PLTK), Roblox (NYSE:RBLX), and Take-Two (NASDAQ:TTWO) to determine Core Gaming’s valuation.

Please click here to view ValueScope’s Core Gaming valuation report.

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