Syra Health Corp. Successfully Closes Upsized Initial Public Offering

Syra Health Corp., a healthcare consulting company focused on improving healthcare through innovative services and technology solutions, has announced the successful closing of its upsized initial public offering (IPO). The company raised approximately $6.7 million in gross proceeds from the offering, before deducting underwriting discounts and expenses.

The IPO consisted of 1,615,000 units, priced at $4.125 per unit. Each unit included one share of Class A common stock and one warrant to purchase one share of Class A common stock at an exercise price of $6.50 per share. The shares and warrants were immediately separable but were purchased together in the IPO.

Additionally, Syra Health granted the underwriters a 45-day option to purchase up to 242,250 additional shares of Class A common stock and/or warrants to cover any over-allotments. The underwriters partially exercised this option, generating gross proceeds of $2,422.50.

Syra Health’s Class A common stock began trading on The Nasdaq Capital Market under the ticker symbol “SYRA” on September 29, 2023. The net proceeds from the IPO will be used for marketing and sales, product development, research and development, and other general corporate purposes.

Kingswood, a division of Kingswood Capital Partners, LLC, acted as the sole bookrunner for the IPO. Syra Health aims to become a valuable partner to government, payers, providers, life sciences organizations, and academic institutions by offering products and services in digital health, behavioral and mental health, population health management, health education, and healthcare workforce.

The successful closing of the IPO marks an important milestone for Syra Health as it continues to pursue its mission of improving healthcare through innovative solutions. With the additional funding, the company is well-positioned to further develop its offerings and make a positive impact in the healthcare industry.

For more information about Syra Health Corp., please visit their website at www.syrahealth.com.