Company: SYRA
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001641172-25-009279
Chunk: 20

Company: Syra Health Corp
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 1
Chunk 20
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23,125 warrants to purchase Class A Common stock pursuant to which the Company received cash proceeds of $14,800.

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 three months ended March 31, 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 three months ended March 31,
2024, the Company issued 50,000
shares pursuant to the restricted stock award from November 2023. These shares vest quarterly over a one-year1
period. The Company recognized expense of $18,875
for these awards and expects to recognize an additional $48,503
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.

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 
     -  
     - 
  
    Balance, March 31,