Siyata Mobile Inc. (Nasdaq: SYTA) has entered into a definitive merger agreement with Core Gaming, Inc., a global AI-driven gaming developer and publisher with approximately $80 million in 2024 revenues. The transaction will see Core Gaming become a wholly owned subsidiary of Siyata through a merger, with Core Gaming CEO Aitan Zacharin assuming leadership of the combined company. Siyata’s current CEO, Marc Seelenfreund, will transition to President and oversee a newly formed Push-To-Talk subsidiary.
Under the agreement, Siyata will issue common shares to Core Gaming shareholders based on an exchange ratio calculated at $160 million divided by Siyata’s volume-weighted average closing price over the 10-day period preceding the merger’s effective date. Legacy Siyata shareholders will receive a stock dividend ensuring at least 10% ownership in the combined entity. The transaction has been unanimously approved by the boards of both companies and is expected to close in the second quarter of 2025, pending regulatory approvals and customary closing conditions.
Seelenfreund described the merger as the result of an extensive strategic review, stating that Core Gaming’s strong business fundamentals and growth trajectory align well with Siyata’s vision. He emphasized that the deal provides Siyata shareholders with significant value as Core Gaming operates in the expanding mobile gaming industry, which has been independently valued at $160 million.
Core Gaming specializes in mobile game development and publishing, engaging over 40 million monthly active users and reaching 600 million downloads across 140 countries. The company leverages advanced AI tools, integrating language, text, image, and video models to enhance content production, improve user acquisition, and streamline development processes.
Zacharin stated that the merger positions Core Gaming for accelerated growth as a publicly traded entity, capitalizing on AI advancements in the $126 billion global gaming market. He highlighted the company’s proprietary AI tools as a key differentiator in shaping the next generation of gaming experiences.
The combined entity’s board will include four Core Gaming-designated directors alongside Seelenfreund. A fairness opinion from ValueScope, LLC., a Marshall & Stevens company, supports Core Gaming’s valuation at $160 million. Further details on the transaction can be found in Siyata’s forthcoming Form 6-K filing with the U.S. Securities and Exchange Commission.
