Broadband  |  2025-03-06

Siyata Mobile Provides Additional Commentary Regarding the Terms of it's Proposed Merger with Core Gaming

Curated by: Gert Jan Wolf - Editor-in Chief for The Critical Communications Review

Siyata Mobile Inc. (Nasdaq: SYTA) (" Siyata " or the " Company "), a global developer and vendor of Push-to-Talk over Cellular (PoC) handsets and accessories, today provided additional details related to a key term of its definitive merger agreement with Core Gaming, Inc. (" Core Gaming ") that was announced on February 26, 2025 .

Highlights of a Key Term of the Agreement

  • As previously disclosed in the February 26 announcement, the Board of Directors of Siyata received a fairness opinion from ValueScope, LLC, a Marshall & Stevens company, confirming that the merger consideration to be paid by Siyata to acquire Core Gaming is fair to Siyata from a financial point of view, based on a valuation of Core Gaming of $160 million .

  • Legacy Siyata shareholders of record on the closing date will receive additional shares of SYTA in the form of a special, one-time stock dividend within six months of the closing date of the merger.
  • This special, one-time stock dividend will consist of a number of shares of Siyata necessary to make the Legacy Siyata shareholders own at least 10% of the outstanding shares of the combined entity immediately after the merger closes. This feature ensures that Siyata shareholders will own a minimum of 10% of the outstanding shares of SYTA calculated immediately after the merger, regardless of market fluctuations.

The merger transaction is expected to be completed in the second quarter of 2025, subject to regulatory approval and the satisfaction of customary closing conditions in the merger agreement.

As stated by Marc Seelenfreund , CEO of Siyata, in the February 26, 2025 announcement of the definitive merger agreement,

"We could not be more excited to partner with Core Gaming and unlock value for our shareholders."

About Core Gaming

Core Gaming is an international AI driven mobile games developer and publisher headquartered in Miami . We create entertaining games for millions of players worldwide, while empowering other developers to deliver player-focused apps and games to enthusiasts. Core's mission is to be the leading global AI driven gaming company. Since our launch we have developed and co-developed over 2,000 games, driven over 600 million downloads, and generated a global footprint of over 40 million users from over 140 countries.