Syra Health Corp. Announces Closing of Initial Public Offering

CARMEL, Ind., Oct. 3, 2023 /PRNewswire/ -- Syra Health Corp. (NASDAQ:SYRA) ("Syra Health" or the "Company"), a healthcare consulting company with a mission to improve healthcare by providing innovative services and technology solutions, announced today the closing of its upsized initial public offering (the "IPO") of 1,615,000 units ("Units") at a public offering price of $4.125 per Unit, for gross proceeds of approximately $6.7 million before deducting underwriting discounts and offering expenses. Each Unit consists of (a) one share of Class A common stock ("Class A common stock") of the Company and (b) one warrant (each, a "Warrant" and collectively, the "Warrants") to purchase one share of Class A common stock at an exercise price equal to $6.50 per share, exercisable until the fifth anniversary of the issuance date. The shares of Class A common stock and the Warrants are immediately separable and were issued separately but were purchased together in the IPO.