Company: SYRA
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001641172-25-009279
Chunk: 51

Company: Syra Health Corp
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 8
Chunk 51
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 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, 2025 
     8,172,842  
    $1.79 
  
    Exercisable, March 31, 2025 
     8,172,842  
    $1.79 

The
warrants had a weighted average remaining life of 2.91 years and no intrinsic value as of March 31, 2025.

Convertible
Class B Common Stock

The
Company has 5,000,000
authorized shares of $0.001
par value convertible Class B common stock and had 600,000
shares issued and outstanding as of March 31, 2025, as retrospectively
applied, pursuant to the Company’s subsequent recap