Siyata eyes $126bn mobile games market with Core Gaming merger

Cellular communications provider Siyata Mobile is nearing completion of a $160 million reverse merger with games developer Core Gaming. 

The deal will shift Siyata into the $126 billion mobile games market, with Core Gaming shareholders potentially holding up to 90% of the merged company.

Legacy Siyata shareholders are guaranteed at least 10% ownership, possibly via a special stock dividend. 

Core Gaming’s CEO, Aitan Zacharin, will lead the combined entity, targeting $100m in revenue and profitability in 2025. Siyata’s Push-to-Talk business will continue as a subsidiary under Marc Seelenfreund.

Done deal

According to Siyata’s SEC filing, the merger will close remotely three business days after all conditions in Article VI are met or waived unless the parties agree otherwise.

Moreover, the merger doesn’t require a public announcement of the closing date. The official effective time will only be confirmed upon filing the merger certificate with the Delaware Secretary of State. 

To guarantee legacy Siyata shareholders retain at least 10% ownership of the merged company, Siyata said it may issue a stock dividend on existing shares a day before the merger’s effective date, with payment due within six months after closing.