CARMEL,
Ind., Sept. 11, 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 pricing of a 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 will have an
exercise price of $0.64 per share and
will be exercisable immediately upon issuance. The Series A
warrants will expire on the eighteen-month anniversary of the
initial issuance date and the Series B warrants will expire on the
five-year anniversary of the initial issuance date. The closing of
the offering is expected to occur on or about September 13, 2024, subject to the satisfaction
of customary closing conditions.
Rodman & Renshaw LLC is acting as the exclusive placement
agent for the offering.
The aggregate gross proceeds to the Company from the offering
are expected to be 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
marketing and sales, application development, research and
development and for general corporate purposes, including working
capital, operating expenses, and capital expenditures.
The securities described above are being 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 is being made only by means of a prospectus forming part
of the effective registration statement relating to the offering. A
preliminary prospectus relating to the offering has been filed with
the SEC and a final prospectus relating to the offering will be
filed with the SEC. Electronic copies of the final prospectus, when
available, may be obtained on the SEC's website at
http://www.sec.gov and may also be obtained, when available, 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 completion of the offering,
the satisfaction of customary closing conditions related to the
offering, the anticipated use of proceeds therefrom, 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