The stock of Siyata Mobile Inc. (SYTA) gained in the current market after the company announced a $1.3 million deal in the last few days. The stock gained more than 128.24% reaching $6.30 per share. At the end of the previous trading session, the stock closed at$2.76. The average volume of the stock traded was around 6.38 million.

The reasons for the SYTA stock gain

On 2nd December 2021, the company announced in a press release that they have received an initial order for SD7 Ruggedized Device from customers in the United States, Europe, the Middle East, and Africa. The total value of the combined order is approx. $0.55 million.

The comparatively low cost of the SD7 device and its wide range of functionality makes it an exact need and affordable option for both enterprise customers and first responders units.

The ruggedized device is Push-To-Talk (PTT) and easy to use. It has a small monochrome screen of 2 inches, a key for PTT, SOS, and Volume. With all these basic features it is Wi-Fi, Bluetooth and LTE enabled. This all comes with an android operating system to manage its functions. The device is rugged giving it drop protection and is resistant to water and dust. Its battery is suited for all kinds of environments having no effect on its performance.

Today’s news was followed by major development in the order of $500,000 from Europe, the Middle East, and Africa after the company recently unveiled VK7. The company recently introduced their vehicle kit or VK7 on 29 November 2021 which is made to use with the SD7 device.

The total value of the new orders is $1.3 million. That includes the orders of SD7 rugged device, vehicle kit or VK7, and other units, devices, and accessories.

Effect on SYTA stock gain

The investors were seen to be responding positively to the major development in the sales of the company. The VK7 is the first of its kind device whose patent is still pending. The device is supposed to be used along with the SD7. With this technology advancement, the investors are assuming that the company is expecting to receive more orders in the future. That is why the stock of Siyata Mobile Inc. (SYTA) was popular among investors today in the Pre-market.

Conclusion

The new technology is giving a competitive edge to the company in the relevant industry due to which the company can expect new orders in the future. This could give a boost to its revenue for the upcoming time period.