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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.