Syra Health to delist from Nasdaq Capital Market

CARMEL, Ind. – Syra Health Corp. (NASDAQ: SYRA), a healthcare technology company, has announced its decision to voluntarily delist its common stock from the Nasdaq Capital Market. The announcement comes as the stock has experienced significant pressure, with InvestingPro data showing substantial declines over the past week and month. The formal notice was given to Nasdaq with the intention of filing a Form 25 with the SEC on or about April 11, 2025. Consequently, the company anticipates that the last day of trading on the Nasdaq will be around April 21, 2025.

The move comes after a comprehensive review by the company’s Executive Management and Board of Directors, concluding that a strategic pause from Nasdaq listing will allow Syra Health to concentrate on enhancing its core business and reducing costs associated with the Nasdaq listing. According to InvestingPro analysis, while the company maintains more cash than debt on its balance sheet, it has been rapidly burning through its cash reserves. The management believes this strategic step will improve operational efficiencies and foster sustainable growth over the long term.

Previously, on October 18, 2024, Syra Health was notified by Nasdaq that its stock had not met the minimum bid price requirement of $1.00 per share for 30 consecutive business days. The company was given until April 16, 2025, to regain compliance with this requirement.

Following the delisting, Syra Health expects its common stock to be quoted on the OTC market, where it intends to maintain shareholder communication and support the continued trading of its shares. InvestingPro analysis reveals that despite recent challenges, the company’s liquid assets exceed its short-term obligations, potentially providing some stability during this transition. However, there is no assurance that trading on the OTC market will persist. Discover more insights about Syra Health and similar companies through InvestingPro’s comprehensive research reports, available for over 1,400 US stocks.

Syra Health is known for its innovative technology products and services in the healthcare sector, focusing on areas such as mental health, population health, and the healthcare workforce. The company aims to improve health outcomes through prevention, access, and affordability.

This announcement is based on a press release statement from Syra Health and contains forward-looking statements about the company’s plans and prospects, which involve risks and uncertainties. Investors are advised to consider the risk factors detailed in the company’s SEC filings.

In other recent news, Cyra Health reported a notable 45% increase in total revenue for 2024, reaching $8 million, with the fourth quarter alone contributing $2 million, marking a 14% year-over-year growth. Despite this revenue growth, the company faced a net loss of $3.7 million, although this was an improvement from the previous year’s loss of $2.9 million. Cyra Health has also launched the Serenity mental health app, which is expected to contribute to future revenue streams. In another development, Syra Health secured a $660,000 contract extension for its Population Health unit, bringing the total contract value to $1.32 million over two years. This extension is part of Syra Health’s strategic focus on strengthening its revenue streams through higher-margin business segments. Analysts have noted the company’s ongoing challenges in achieving profitability, despite its revenue growth and cost-cutting measures. Additionally, Cyra Health is targeting low double-digit percentage revenue growth for 2025, with plans to expand the Serenity app internationally. These developments highlight the company’s focus on innovation and strategic growth initiatives.

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