Syra Health's Strategic Move: Voluntary Delisting from Nasdaq Explained

Syra Health Corp. (NASDAQ: SYRA), a company focused on healthcare technology, has made a pivotal announcement regarding its decision to voluntarily delist its common stock from the Nasdaq Capital Market. The formal notification to the Nasdaq Stock Market is expected to set the stage for this financial strategy, with an anticipated filing with the Securities and Exchange Commission (SEC) on or around April 11, 2025. As part of this process, Syra Health expects its last trading day on the Nasdaq will be approximately April 21, 2025.

This decision follows a comprehensive evaluation by the Executive Management team and the Board of Directors. They believe that stepping away from the Nasdaq will allow for improved focus on critical aspects of the business while simultaneously reducing the costs associated with maintaining a listing. Syra Health views this voluntary delisting as a proactive measure to enhance operational efficiencies, optimize financial health, and facilitate sustainable long-term growth.

Notably, the decision has come in response to a notification received from NASDAQ on October 18, 2024, indicating that Syra Health’s common stock price had dipped below the minimum $1.00 per share requirement for continued listing. This violation prompted the management team to evaluate alternative routes for financial stability. According to NASDAQ Listing Rule 5810(c)(3)(A), the company had until April 16, 2025, to regain compliance with this minimum bid price.

Looking ahead, Syra Health plans to transition its business operations to the Over-the-Counter (OTC) market following the NASDAQ delisting. The company is committed to continuing to provide relevant updates to its shareholders while navigating the OTC market's regulatory landscape. However, Syra Health acknowledges that there is no assurance that a trading market for its stock will remain viable.

About Syra Health

Syra Health is focused on driving innovation within the healthcare sector, concentrating on areas such as mental health, population health, and workforce solutions. The organization is dedicated to improving health outcomes through cutting-edge technology and innovative services aimed at enhancing prevention, accessibility, and affordability of healthcare.

This strategic decision is a critical aspect of Syra Health's long-term strategy. The entity is determined to reinforce its core fundamentals while integrating operational strategies that aim to generate sustainable growth. As the healthcare landscape continues to evolve, Syra Health's commitment to innovate will be paramount in addressing the pressing health needs of populations worldwide.

Forward-Looking Statements

It is important to note that this announcement contains forward-looking statements. These forecasts and expectations include strategic plans, potential future results, operational progress, and overall business directions. Management encourages stakeholders to consult the company's Form 10-K for the year ending December 31, 2024, along with other periodic filings with the SEC for additional information about risks and uncertainties that could impact these projections.

Ultimately, while the decision to delist from Nasdaq comes with its own set of challenges, Syra Health believes that this strategy aligns with its aspirations for growth and operational efficiency in a rapidly changing healthcare landscape. Investors and stakeholders are encouraged to stay informed as the company takes this significant step in its journey.