Friday, June 14, 2024

Healthcare services provider Syra downsizes proposed IPO to $6M

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IPO Initial Public Offering

Mikko Lemola

Healthcare services provider Syra Health (OTC:SYRA) has downsized its proposed initial public offering to $6M.

Syra said in an SEC filing that it is now looking to offer 1.5M units at the assumed priced of $4.125 per unit. Each unit would consist of one share plus one warrant to buy one share for $6.50. Underwriters would be granted a 45-day option to buy up to 225K additional units to cover any over-allotments.

In a filing made in July, Syra said that it was looking to offer 2M units priced at $4.125 per unit.

Syra hopes to list its shares on Nasdaq under the symbol SYRA. Kingswood is serving as lead bookrunner.

Based in Indiana, Syra provides staffing, educational services and analytics for the healthcare sector. The company is also developing a telehealth app and service focused on mental health called Syrenity.

Syra has been operating in the red. For the six-month period ended June 30, Syra reported a net loss of $1.6M on revenue of $2.2M.

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