Company: SYRA
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0001493152-25-009873
Chunk: 647

Company: Syra Health Corp
Filing Date: 2025-03-11
Form: 10-K
Item: Item 5
Chunk 647
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 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 18, 2024, the Company received a Notice from 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).

If
the Company fails to comply with Nasdaq’s continued listing standards, the Company may be delisted and its Class A common stock
will trade, if at all, only on the over-the-counter market, such as the OTC Bulletin Board or OTCQX market, and then only if one or more
registered broker-dealer market makers comply with quotation requirements. In addition, delisting of the Company’s Class A common
stock could depress our stock price, substantially limit liquidity of our Class A common stock and materially adversely affect our ability
to raise capital on terms acceptable to us, or at all.