Company: SYRA
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001641172-25-023235
Chunk: 58

Company: Syra Health Corp
Filing Date: 2025-08-12
Form: 10-Q
Item: Item 8
Chunk 58
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 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).

    F-14

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 of Syra Health Corp. (the “Company”) approved the termination for cause of the employment
agreement between Deepika Vuppalanchi, the Company’s CEO, and the Company dated April 5, 2021, as amended.

On
June 16, 2025, the Board of Directors of the Company appointed Priya Prasad, the Company’s CFO and COO, as interim CEO. The Company
agreed to pay Ms. Prasad an interim CEO allowance of $6,100 per month, and award 122,000 shares of Class A common stock, which vest upon
milestones being met as determined by the Board, including appointment of a permanent CEO, retention of key staff, stabilization of client
relationships and adoption of an updated strategic plan for the Company. As of June 30, 2025, none of the milestones were considered
probable of being met, and the Company had not recognized any stock-based compensation related to this award.

Class
A Common Stock Warrants

The
following is a summary of activity of outstanding stock warrants:

 Summary of Activity of Outstanding Stock Warrants

    Weighted 

    Average 

    Number  
    Exercise 

    of
    Shares  
    Prices 
  
    Balance,
    December 31, 2024 
     8,195,967  
    $1.78 
  
    Warrants
    granted 
     -  
     - 
  
    Warrants
    exercised 
     (23,125) 
     0.64 
  
    Warrants
    cancelled 
     -