CARMEL,
Ind., Sept. 13, 2024 /PRNewswire/ -- Syra Health
Corp. (NASDAQ: SYRA), ("Syra Health" or the "Company"), a
healthcare technology company powering better health by providing
meaningful solutions, today announced the closing of its previously
announced public offering of an aggregate of 3,203,125 shares of
its Class A common stock, Series A warrants to purchase up to
3,203,125 shares of Class A common stock and Series B warrants to
purchase up to 3,203,125 shares of Class A common stock (all the
warrants, collectively, the "Series Warrants"), at a combined
public offering price of $0.64 per
share and accompanying Series Warrants. The Series Warrants have an
exercise price of $0.64 per share and
are exercisable immediately upon issuance. The Series A warrants
expire on the eighteen-month anniversary of the initial issuance
date and the Series B warrants expire on the five-year anniversary
of the initial issuance date.
Rodman & Renshaw LLC acted as the exclusive placement agent
for the offering.
The aggregate gross proceeds to the Company from the offering
were approximately $2.1 million
before deducting the placement agent's fees and other offering
expenses payable by the Company. The potential additional gross
proceeds to the Company from the Series Warrants, if fully
exercised on a cash basis, will be approximately $4.1 million. No assurance can be given that any
of the Series Warrants will be exercised. The Company intends to
use the net proceeds from this offering for application
development, sales and marketing, research and development and for
general corporate purposes, including working capital, operating
expenses, and capital expenditures.
The securities described above were offered pursuant to a
registration statement on Form S-1 (File No. 333-281583), which was
declared effective by the Securities and Exchange Commission (the
"SEC") on September 11, 2024. The
offering was made only by means of a prospectus forming part of the
effective registration statement relating to the offering. A final
prospectus relating to the offering has been filed with the SEC.
Electronic copies of the final prospectus may be obtained on the
SEC's website at http://www.sec.gov and may also be obtained
by contacting Rodman & Renshaw LLC at 600 Lexington Avenue,
32nd Floor, New York, NY 10022, by
telephone at (212) 540-4414, or by email at info@rodm.com.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy any of the securities described
herein, nor shall there be any sale of these securities in any
state or other jurisdiction in which such offer, solicitation or
sale would be unlawful prior to the registration or qualification
under the securities laws of any such state or other
jurisdiction.
ABOUT SYRA HEALTH
Syra Health is a healthcare technology company powering better
health in challenging areas such as behavioral and mental health,
digital health, and population health, by providing innovative
services and technology products. Syra Health's offerings are
centered on prevention, improved access, and affordable care. Syra
Health supplies its solutions to payers, providers, life sciences
organizations, academic institutions, and the government. For more
information, please visit www.syrahealth.com.
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 regarding the anticipated use of proceeds
from the offering, the exercise of the Series Warrants prior to
their expiration, 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, changes in circumstances and market
and other conditions. Investors should read the risk factors set
forth in the Company's Annual Report on Form 10-K for the year
ended December 31, 2023, and other
periodic reports filed with the SEC. 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 Investor or Media Inquiries:
Syra Health
IR/PR and Marketing Director
Christine Drury
317-385-9227
christined@syrahealth.com
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SOURCE Syra Health