Siyata Mobile downgraded on liquidity concerns at Maxim

Maxim downgraded Siyata Mobile to Hold from Buy without a price target after the company said it will be delayed in filing its audited 2022 annual financial statements. The analyst sees limited visibility into Siyata’s 2022 and Q1 financial results. The firm also has growing concerns of the company’s current liquidity levels and ongoing dilution, and believes it will require additional capital within the next 3-6 months. Maxim pushed out expectations of more consistent and larger purchase orders for the company’s SD7 device and portfolio of products. Due to growing dilution and liquidity concerns, as well as our limited visibility into Siyata’s expected reporting date, the firm believes the stock’s risk/reward profile is balanced.