Siyata Mobile Amends Preferred Share Structure

TL;DR

Siyata Mobile (SYTA) tweaked its Series C preferred shares on April 9th. Details in 6-K.

AI Summary

Siyata Mobile Inc. filed a Form 6-K on April 15, 2024, reporting amendments to its Articles of Incorporation related to its Series C Preferred Shares. The filing indicates a change in the number of authorized shares for this series, effective April 9, 2024.

Why It Matters

Changes to share structure can impact future financing options and shareholder rights, potentially affecting the company's financial flexibility.

Risk Assessment

Risk Level: low — This filing is procedural and relates to corporate governance rather than immediate financial performance or market-moving events.

Key Players & Entities

• Siyata Mobile Inc. (company) — Registrant
• Series C Preferred Share (security) — Amended share class
• April 9, 2024 (date) — Effective date of amendment
• April 15, 2024 (date) — Filing date

FAQ

Key Financial Figures

• $1,000 — Preferred Shares with a stated value of $1,000 per share. The following is a summary o
• $3 — eferred Share shall be the lower of (i) $3.18, or (ii) 85% of the lesser of (a) th
• $1.00 — shall be the lowest of (i) One Dollar ($1.00), (ii) the then applicable conversion p
• $1.00 b — n a Subsequent Financing on a $1.00 for $1.00 basis. If in such Subsequent Financing th

Filing Documents

• ea0203877-6k_siyata.htm (6-K) — 25KB
• ea020387701ex3-1_siyata.htm (EX-3.1) — 129KB
• 0001213900-24-032954.txt ( ) — 155KB

03 Amendments

Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year. Series C Preferred Share On April 9, 2024 (the “ Filing Date ”), Siyata Mobile Inc., a company incorporated under the laws of British Columbia, Canada (the “Company”) filed a Notice of Alteration with the State of British Columbia, Canada designating 290 shares out of the authorized but unissued shares of its preferred shares as Class C Preferred Shares with a stated value of $1,000 per share. The following is a summary of the principal terms of the Class C Preferred Shares as set forth in the Notice of Alteration. Capitalized terms not defined herein shall have the meaning assigned to them in the Notice of Alteration. Dividends . Pursuant to the Notice of Alteration, the Class C Preferred Shares shall receive cumulative dividends of 0% per annum, payable quarterly. Further, each holder of Class C Preferred Shares shall be entitled to receive, and the Company shall pay, dividends on shares of Class C Preferred Shares equal to (on an as-if-converted-to-Common-Share basis) and in the same form as dividends actually paid on shares of the Common Share when, as and if such dividends are paid on shares of the Common Share. 1 So long as any Class C Preferred Shares shall remain outstanding, neither the Company nor any of its subsidiaries shall redeem, purchase or otherwise acquire directly or indirectly any Junior Securities or pari passu securities other than any Class C Preferred Shares purchased to the terms of the Notice of Alteration. So long as any Class C Preferred Shares shall remain outstanding, neither the Company nor any of its subsidiaries shall directly or indirectly pay or declare any dividend or make any distribution upon (subject to limited exceptions exceptions), nor shall any distribution be made in respect of, any Junior Securities or pari passu securities as long as any dividends due on the Class C Preferred Shares remain unpaid, nor shall

View Full Filing

View this 6-K filing on SEC EDGAR