Syra Health Announces Voluntary Delisting from the Nasdaq Capital Market

Rhea-AI Summary

Syra Health Corp. (NASDAQ: SYRA) has announced its voluntary delisting from the Nasdaq Capital Market, with the last trading day expected around April 21, 2025. The decision follows the company's non-compliance with Nasdaq's minimum $1.00 bid price requirement, which was notified on October 18, 2024.

The healthcare technology company plans to file Form 25 with the SEC around April 11, 2025. Management views this as a strategic pause to focus on strengthening core fundamentals and reducing Nasdaq-associated costs. The company expects its common stock to transition to the OTC market and intends to maintain shareholder communication, though trading continuity is not guaranteed.

Positive

• Strategic cost reduction by eliminating Nasdaq listing expenses
• Management's proactive approach to address financial challenges

Negative

• Delisting from Nasdaq indicates significant financial challenges
• Stock price consistently below $1.00 for 30+ consecutive days
• Potential reduced stock liquidity after moving to OTC markets
• No guarantee of continued trading market for shares
• Loss of prestige and visibility associated with Nasdaq listing

CARMEL, Ind., April 1, 2025 /PRNewswire/ -- Syra Health Corp. (NASDAQ: SYRA) ("Syra Health" or the "Company"), a healthcare technology company dedicated to powering better health through innovative technology products and services, announced today that it has given formal notice to the Nasdaq Stock Market of its intention to voluntarily delist its common stock from the Nasdaq Capital Market.

The Company currently anticipates that it will file with the Securities and Exchange Commission (the "SEC") a Form 25, Notification of Removal of Listing and/or Registration Under Section 12(b) the Exchange Act, relating to the delisting on or about April 11, 2025, with the delisting of its common stock taking effect no earlier than ten days thereafter. As a result, the Company expects that the last trading day of its common stock on the Nasdaq Capital Market will be on or about April 21, 2025.  

Following a thorough and extensive evaluation, the Executive Management team and Board of Directors have decided that a delisting is warranted, and a strategic pause will allow for improved focus on strengthening the Company's core fundamentals while reducing the Company's costs associated with a Nasdaq listing. This is a proactive measure in which management believes the Company will be better enabled to enhance operational efficiencies, optimize its financial health, and generate sustainable long-term growth. 

As previously reported, on October 18, 2024, the Company received written notice from the Nasdaq Stock Market, LLC indicating that the bid price for the Company's common stock, for the last 30 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 for the continued listing on the Nasdaq Capital Market, as set forth in Nasdaq Listing Rule 5550(a)(2).  In accordance with the Nasdaq Listing Rule 5810(c)(3)(A), the Company had a period of 180 calendar days, or until April 16, 2025, to regain compliance with the minimum bid price requirement.

The Company expects that its common stock will be listed on the OTC market until such time it decides to reapply and receives approval to relist on a national securities exchange. The Company intends to continue providing information to its shareholders and taking actions within its control to facilitate the quoting of its common stock on the OTC market, so that a trading market may continue to exist for its common stock. However, there is no guarantee that a broker will continue to make a market in the common stock or that trading of the common stock will continue on the OTC market or elsewhere.

About Syra Health

Syra Health is a healthcare technology company powering better health in critical areas such as mental health, population health, and the healthcare workforce. The company's leading-edge technology products and innovative services focus on prevention, access, and affordability. With a commitment to improving health, Syra Health is advancing healthcare solutions nationwide and around the world.

Forward-Looking Statements 

Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking statements." These statements include but are not limited to, statements relating to the expected use of proceeds, the Company's operations and business strategy, and the Company's expected financial results. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. The forward-looking statements contained in this press release are based on management's current expectations and are subject to substantial risks, uncertainty, and changes in circumstances. Investors should read the risk factors set forth in our Form 10-K for the year ended December 31, 2024, and other periodic reports filed with the Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof, and, except as required by federal securities laws, the Company specifically disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.

Contacts

For Media Inquiries:
Christine Drury
Director of Corporate Communications
Syra Health
463-345-5180
christined@syrahealth.com

For Investor Inquiries:
Corbin Woodhull
Managing Director, Global Advisory
Hayden IR
602-476-1821
corbin@haydenir.com

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SOURCE Syra Health

FAQ

When will SYRA stock be delisted from Nasdaq?

SYRA's last trading day on Nasdaq is expected to be around April 21, 2025, following the Form 25 filing with SEC on April 11, 2025.

Why is SYRA delisting from Nasdaq?

SYRA is delisting due to non-compliance with Nasdaq's $1.00 minimum bid price requirement and to reduce listing costs while focusing on strengthening core business fundamentals.

Where will SYRA stock trade after Nasdaq delisting?

SYRA expects to trade on the OTC market after delisting from Nasdaq, though trading continuity is not guaranteed.

What was SYRA's deadline to regain Nasdaq compliance?

SYRA had until April 16, 2025 (180 calendar days from October 18, 2024) to regain compliance with the $1.00 minimum bid price requirement.