Company: SYRA
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0001493152-25-009873
Chunk: 699

Company: Syra Health Corp
Filing Date: 2025-03-11
Form: 10-K
Item: Item 6
Chunk 699
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 purchase up to an aggregate
of 160,156 shares of Common Stock, at an exercise price of $0.80 per share and an expiration date of September 11, 2029. The Company
received net cash proceeds of $1,619,021 after offering expenses. The Series A Warrants expire 18 months from the date of the offering,
and the Series B Warrants expire on September 11, 2029.

The
estimated fair value of the warrants issued in connection with the public offering was estimated using a Black-Scholes option pricing
model and the following assumptions: 1) dividend yield of 0%; 2) risk-free rate of 3.45% to 3.62%; 3) volatility of 127% to 138%; 4)
a common stock price of $0.80, and 5) a contractual term of 1.5 to 5 years. The fair value of the Class A Warrants was $1,677,768, the
estimated fair value of the Class B Warrants was $2,235,055 and the estimated fair value of the underwriter warrants was $109,728. The
fair value of the warrants was recognized as a cost of capital related to the public offering.

During
the year ended December 31, 2024, the Company issued 50,000 shares pursuant to a restricted stock award from November 2023. These shares
vest quarterly over a one-year period. The Company recognized expense of $67,378 and $8,122 for these awards during the years ended December
31, 2024 and 2023, respectively.

During
the year ended December 31, 2024, the Company issued 6,992 shares for services to a consultant with a fair value of $4,000, recognized
as stock-based compensation.

On
August 13, 2024, the Company received written notification (the “Notice”) from the Listing Qualifications Department of
the Nasdaq Stock Market LLC (“Nasdaq”) indicating that the Company’s stockholder’s equity was below the
minimum requirement of $2,500,0000 for continued listing on the Nasdaq Capital Market under Nasdaq Listing Rule 5550(b)(1) (the
“Minimum Shareholder Equity Requirement”). On November 1, 2024, the Company was notified by Nasdaq that it had regained compliance with the Minimum Shareholder
Equity Requirement.

On
October