Benzinga | Mar 24, 2021 11:11AM EDT

Siyata Mobile Shares Are Trading Higher On ClearRF Acquisition For $0.7M

Cellular communications systems provider Siyata Mobile Inc (NASDAQ: SYTA) inked an agreement to acquire ClearRF, LLC for a purchase price of $0.7 million.

* ClearRF produced M2M (machine-to-machine) cellular amplifiers for commercial and industrial M2M applications.

* ClearRF's products and technology were highly synergistic with Siyata's rapidly growing cellular booster business. They would help fast-track the penetration of Siyata's M2M boosters and flagship UV-350 in-vehicle IoT communication device into the large-scale in-vehicle modem market and provide access to new verticals and a key U.S. manufacturing partner as per Siyata CEO Marc Seelenfreund.

* ClearRF's U.S. military certified manufacturing partner, Servatron, would also allow Siyata to enter the large-scale U.S. military and government markets that have special budgets for 'Made in America' products," added Seelenfreund.

* Siyata's cash balance amounted to $14.6 million as of September 30, 2020.

* Price action: SYTA shares traded higher by 11.6% at $9.08 on the last check Wednesday.