Siyata Mobile (NASDAQ:SYTA) stock is on the move today thanks to the company announcing a new deal with Lind Global Partners II.
This deal has Siyata Mobile securing $6 million in funding from the investment fund. SYTA says it expects to have the funds available within 10 days of completing the deal with Lind Global Partners II.
Siyata Mobile notes that the investment comes in the form of $7.2 million worth of convertible notes with a 24-month maturity. These notes have an 0% interest rate and are convertible to shares of SYTA stock at a price of $10 each.
The deal between the two companies has Siyata Mobile promising to start principal payments 180 days after completion. This requires it to make 18 equal monthly installments with the option of paying in cash or SYTA stock.
To go along with this, Siyata Mobile can choose to buy back the notes with no penalty. However, doing so does give Lind Global Partners II the option of converting up to 25% of the note.
Marc Seelenfreund, CEO of Siyata Mobile, said the following in today’s news release.
“Staying connected in emergency situations is more critical now than ever and we are committed to being a leading provider of innovative push-to-talk and connectivity solutions to our first responder heroes around the world. We are thrilled to have the support of The Lind Partners as a significant investor in Siyata and believe this funding will give us the flexibility we need to reach our goal of achieving profitability in the coming quarters.”
SYTA stock is up 149.8% as of Wednesday afternoon.
Investors looking for more stock market news will want to keep reading!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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