Syra Health appoints new chairman of the board

CARMEL, IN— Syra Health Corp, a company specializing in employment agency services, announced today that Andrew Dahlem, who is already serving as a director on the company's board, has agreed to take on the role of Chairman of the Board. This change in leadership comes as the company continues to navigate the competitive landscape of the employment services sector, with its stock currently trading at $0.22.

Dahlem's appointment was formalized on Monday, with the decision being reported in a recent 8-K filing with the Securities and Exchange Commission. The company, headquartered in Carmel, Indiana, is known for its contributions to the employment sector, classified under Standard Industrial Classification code 7361.

Syra Health, incorporated in Delaware, trades on The Nasdaq Stock Market LLC under the ticker symbol (NASDAQ:SYRA). The company is identified as an emerging growth company, which is a category used by the SEC to refer to businesses with revenues below a certain threshold that have the potential for rapid growth.

The announcement does not detail any specific initiatives or strategic shifts that may accompany Dahlem's new position as chairman. However, the appointment signifies a potential evolution in the company's governance as it looks to strengthen its position within the industry. The timing is crucial as InvestingPro analysis shows the stock has experienced significant pressure, declining 83% over the past year, though it currently trades at a low revenue multiple.

This news is based on a press release statement and reflects the company's ongoing commitment to its corporate structure and leadership. The elevation of Dahlem to chairman may be seen as a strategic move to leverage his experience and guide the company through its next phase of development.

Investors and market watchers will likely monitor the impact of this leadership transition on the company's operations and performance. The company's contact information and business address remain unchanged at 1119 Keystone Way N., #201, Carmel, IN 46032, with the business phone listed as (317) 922-0922.

The details of this corporate update are available in the public document filed with the SEC, ensuring transparency and regulatory compliance. As Syra Health Corp embarks on this new chapter, stakeholders will be looking to see how Dahlem's leadership influences the company's strategy and growth.

In other recent news, Syra Health Corp. reported significant revenue growth for the fourth quarter of 2024, reaching $2 million, which marks a 14% increase year-over-year. The company achieved a total revenue of $8 million for the year, representing a 45% growth from the previous year. Despite these positive financial results, Syra Health continues to face challenges with a net loss of $3.7 million for the year, although this is an improvement from the previous year's loss of $2.9 million. The company also announced a $660,000 contract extension in its Population Health business unit, bringing the total value of the contract to $1.32 million over two years. Additionally, Syra Health has decided to voluntarily delist its common stock from the Nasdaq Capital Market, planning to file a Form 25 with the SEC in April 2025. This strategic move aims to reduce costs and improve operational efficiencies. Following the delisting, the company expects its stock to be quoted on the OTC market, though continued trading is not guaranteed. These developments reflect Syra Health's ongoing efforts to strengthen its financial position and focus on long-term growth strategies.

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