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By Sam Boughedda
Investing.com — Siyata Mobile Inc (NASDAQ:SYTA) shares jumped 109% after word it has signed a $6 million funding agreement with Lind Global Partners II, an investment fund managed by The Lind Partners.
The investment from Lind is in the form of a $7.2 million convertible note with a 24-month maturity and 0% annual interest rate. It is convertible into the company's shares at $10.
Cellular communications provider Siyata is required to make principal payments in 18 equal monthly installments in cash or shares. In addition, Lind will also receive over 2.1 million warrants exercisable for 60 months at $4 per share.
"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," said Marc Seelenfreund, CEO of Siyata.
The proceeds are expected within 10 days of the execution of the agreement.