Company: SYRA
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001493152-25-022023
Chunk: 25

Company: Syra Health Corp
Filing Date: 2025-11-12
Form: 10-Q
Item: Item 1
Chunk 25
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 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.

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 September 30, 2025, the Board determined that achievement
of the milestones was not probable, and accordingly, no stock-based compensation expense has been recognized related to this award.

On
July 1, 2025, the Company entered into a consulting agreement with a former member of the Board of Directors for services related to
developing a new strategic plan for the Company and identifying and hiring a new CEO. The agreement is in effect through September 30,
2025, and the Company awarded 25,000 restricted stock units (“RSU’s”) of the Company’s Class A common stock
to the consultant. As of September 30, 2025, the Board determined that achievement of the milestones was not probable, and accordingly,
no stock-based compensation expense has been recognized related to this award.

On
August 13, 2025, the Company appointed a new director to the Board of Directors of the Company. In connection with the appointment, the
director will $20,000 in annual cash compensation and receive an equity award representing 0.25% of the Company’s fully diluted
Class A Common Stock