Company: SYRA
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001493152-25-022023
Chunk: 61

Company: Syra Health Corp
Filing Date: 2025-11-12
Form: 10-Q
Item: Item 8
Chunk 61
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vest upon Board approval of the new strategic plan and delivery of final CEO recommendations to the Board. The stock options and RSU’s
will also vest in the event of a change of control of the Company.

Note
11 – Changes in Stockholders’ Equity

Class
A Common Stock

The
Company has 100,000,000 authorized shares of $0.001 par value Class A common stock, and 11,339,169 shares were issued and outstanding
as of September 30, 2025.

During
the nine months ended September 30, 2025, two investors exercised 23,125 warrants to purchase Class A Common stock pursuant to which
the Company received cash proceeds of $14,800.

    F-14

On
January 15, 2025, a total of 233,334 shares of Class B Common Stock previously held by the Company’s Executive Chairman and President,
Sandeep Allam, upon his passing, automatically converted into 2,333,340 shares of Class A common stock according to the terms of the
Company’s Certificate of Incorporation.

During
the nine months ended September 30, 2024, two investors exercised 130,789 warrants to purchase Class A Common stock pursuant to which
the Company received cash proceeds of $850,129.

During
the nine months ended September 30, 2024, the Company issued 50,000 shares pursuant to the restricted stock award from November 2023.
These shares vest quarterly over a one1-year period. The Company recognized expense of $56,625 for these awards and expects to recognize
an additional $10,753 through the end of the vesting period.

On
October 18, 2024, the Company received a Notice from Nasdaq Stock Market LLC (“Nasdaq”) indicating that the bid price for
its Class A common stock, for the last 30 consecutive business days for the last thirty consecutive business days, had closed below the
minimum $1.00 per share and, as a result, the Company was not in compliance with the $1.00 minimum bid price requirement (the “Minimum Bid Price Requirement”) for the continued listing on the Nasdaq Capital Market, as set forth in Nasdaq Listing Rule 5550(a)(2).

On
April 11, 2025, the Company voluntarily delisted its Class A common stock from the Nasdaq Capital Market.

On
June 13, 2025, the Board of Directors