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.
In addition, the Company has granted the underwriters a 45-day
option to purchase up to 242,250 additional shares of Class A
common stock and/or Warrants from the Company to cover any
over-allotments at the IPO price, less the underwriting
discount. Simultaneously with the closing of the IPO, the
Company issued an additional 242,250 Warrants to the underwriters
pursuant to the partial exercise by the underwriters of their
over-allotment option, generating gross proceeds of $2,422.50. The underwriters retain their
over-allotment option with respect to the purchase of up to 242,250
additional shares of Class A common stock.
The Company's Class A common stock began trading on The Nasdaq
Capital Market on September 29, 2023,
under the ticker symbol "SYRA."
The Company intends to use the net proceeds of the IPO for
marketing and sales, product development, research and development
and other general corporate purposes including working capital,
operating expenses and capital expenditures.
Kingswood, a division of Kingswood Capital Partners, LLC
("Kingswood") acted as sole bookrunner for the IPO.
The Registration Statements on Form S-1 (File Nos. 333-271622
and 333-274754) relating to the securities being sold in the IPO
were filed with the Securities and Exchange Commission ("SEC") and
declared effective on September 28,
2023. The IPO is being made only by means of a prospectus. A
copy of the final prospectus related to the IPO may be obtained
from Kingswood, via email at lciervo@kingswoodus.com or by
calling 561-961-0505 or standard mail at Kingswood Capital
Partners, LLC, 7280 W Palmetto Park Rd., Suite 301, Boca Raton, FL 33433. In addition, a copy of
the final prospectus relating to the IPO may be obtained via the
SEC's website at www.sec.gov.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or jurisdiction in
which such offer, solicitation, or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
ABOUT SYRA HEALTH CORP.
Syra Health is a healthcare consulting company with a mission to
improve healthcare by providing innovative services and technology
solutions. Syra Health aims to achieve its goal by becoming a
valuable partner to government, payers, providers, life sciences
organizations, and academic institutions. Syra Health offers
products and services in digital health, behavioral and mental
health, population health management, health education, and
healthcare workforce. For more information, please visit
www.syrahealth.com.
ABOUT KINGSWOOD
Kingswood U.S., part of the Kingswood Group, is a network of
wealth management firms that includes SEC-registered investment
advisors and two FINRA-licensed broker-dealers, Kingswood offers
investment banking and advisory services along with comprehensive
wealth management and business-building services, designed
specifically for the independent financial advisor. Together with
its parent company, the Kingswood Group has more than $13 billion in assets under management, and 400
registered individuals. Kingswood combines the resources and
capital of a large financial services firm with the personalized
touch and feel of a boutique company. Kingswood has earned a
reputation as a firm built for advisors by advisors.
SAFE HARBOR STATEMENT
Statements in this press release about future expectations,
plans, and prospects, as well as any other statements regarding
matters that are not historical facts, may constitute
"forward-looking statements." These statements include, but are not
limited to, statements relating to the expected use of proceeds,
the Company's operations and business strategy and the Company's
expected financial results. The words "anticipate," "believe,"
"continue," "could," "estimate," "expect," "intend," "may," "plan,"
"potential," "predict," "project," "should," "target," "will,"
"would" and similar expressions are intended to identify
forward-looking statements, although not all forward-looking
statements contain these identifying words. The forward-looking
statements contained in this press release are based on
management's current expectations and are subject to substantial
risks, uncertainty and changes in circumstances. Actual results may
differ materially from those indicated by such forward-looking
statements as a result of various important factors discussed in
the "Risk Factors" section of the prospectus filed with the SEC.
Any forward-looking statements contained in this press release
speak only as of the date hereof, and, except as required by
federal securities laws, the Company specifically disclaims any
obligation to update any forward-looking statements, whether as a
result of new information, future events, or otherwise.
For more information, please contact:
For Underwriter Inquiries:
Brian Herman
Managing Director
Kingswood US
561-702-4331
bherman@kingswoodus.com
For Media Inquiries:
Christine Drury
Communications and Marketing Director
Syra Health Corp.
463-345-5180
christined@syrahealth.com
For Investor Inquiries:
Ben Shamsian
Vice President
Lytham Partners, LLC
646-829-9701
shamsian@lythampartners.com
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SOURCE Syra Health Corp.