Shares of Siyata Mobile Rise on Merger Agreement with Core Gaming

Dow Jones

26 Feb

By Adriano Marchese

Siyata Mobile has agreed to merge with AI-driven mobile games developer Core Gaming, bringing it under its fold as a subsidiary.

Shares in premarket trading more than doubled to $8.00 a share, rising 129%.

The Vancouver, British Columbia-based developer said Wednesday that it has signed a definitive merger agreement for the privately-held company to become a wholly owned subsidiary of Siyata through a merger with one of it subsidiaries.

As part of the deal Siyata will issue $160 million Canadian dollars ($111.8 million) worth of its shares to Core Gaming shareholders. Legacy Siyata shareholders shall have the right to receive a stock dividend within six months after the merger so that they will own a minimum of 10% of the combined entity.

The newly combined company will be led by Aitan Zacharin, the current chief executive officer of Core Gaming, while Siyata's current CEO, Marc Seelenfreund, will step down from the role to serve as president and lead a newly formed Push-To-Talk subsidiary of Siyata.

Seelenfreund said Core Gaming possesses strong qualities for a merger partner, including strong business fundamentals, good management and opportunities for outsized growth.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

February 26, 2025 08:20 ET (13:20 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.

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