Company: SYRA
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0001493152-25-009873
Chunk: 63

Company: Syra Health Corp
Filing Date: 2025-03-11
Form: 10-K
Item: Item 8
Chunk 63
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 warrants to purchase Class A Common stock pursuant to which the Company
received cash proceeds of $850,129.

On
September 11, 2024, the Company completed a public offering of an aggregate of (i) 3,203,125 shares of Class A common stock of the Company,
par value $0.001 per share (the “Common Stock”), (ii) eighteen-month warrants (the “Series A Warrants”) to purchase
up to an aggregate of 3,203,125 shares of Common Stock at an exercise price of $0.64 per share, and (iii) five-year warrants (the “Series
B Warrants” and, together with the Series A Warrants, the “Warrants”) to purchase up to an aggregate of 3,203,125 shares
of Common Stock at an exercise price of $0.64 per share, at an offering price of $0.64 per share of Common Stock and related Warrants,
for aggregate gross proceeds of $2,050,000.00. The Company issued to Rodman or its designees warrants to 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