Siyata Mobile Inc. (NASDAQ:SYTA) shares are trading higher on Friday, possibly following the company's announcement of a 1-for-10 reverse stock split on Tuesday.

What To Know: The move is aimed at maintaining compliance with Nasdaq's $1 minimum bid price requirement. The reverse stock split will be effective on Dec. 27, 2024, with trading on a post-split basis commencing the same day under the ticker symbol "SYTA."

The reverse stock split consolidates every 10 existing shares into one new share. Outstanding stock options, warrants and other convertible securities will also be adjusted to reflect the new ratio. No fractional shares will be issued, with fractions rounded up to the nearest whole number.

Siyata, a global provider of Push-to-Talk over Cellular devices and cellular signal boosters, clarified that the split does not affect the par value or authorized number of shares. The transfer agent, Computershare, will handle the exchange process for registered shareholders. Those holding shares electronically or through brokers will have their positions adjusted automatically.

Despite the stock price jump, the company warned there is no guarantee it will maintain compliance with the minimum bid price requirement after the split.

SYTA Price Action: Siyata Mobile shares were up 23.62% at $6.43 at publication Friday, according to Benzinga Pro.

• Apple Teases Streaming 'See For Yourself' Event: Could This Be A Free Preview Of AppleTV+ Or Ad-Supported Platform?

Photo: Shutterstock