American healthcare technology company Syra Health has announced the closure of its public offering, which has resulted in aggregate gross proceeds of approximately $2.1m.  

This funding is expected to bolster the company's initiatives in application development and other corporate purposes. 

The public offering comprised the sale of 3,203,125 shares of Class A common stock, along with Series A and Series B warrants to purchase an equivalent number of shares.  

Syra Health highlighted that the combined public offering price was $0.64 per share and accompanying Series Warrants, which are exercisable immediately at the same price. 

The Series A warrants will expire 18 months after issuance, while Series B warrants have a longer lifespan, expiring five years from the date of issue.  

For this offering, Rodman & Renshaw served as the exclusive placement agent. 

There is potential for Syra Health to gain an additional $4.1m in gross proceeds if all Series Warrants are exercised for cash, the healthcare technology company noted.  

However, there is no certainty that the warrants will be exercised. 

Syra Health has outlined its intention to allocate the net proceeds from this offering towards various areas.  

These include application development, sales, and marketing, research, and development, as well as general corporate purposes such as working capital, operating expenses, and other related capital expenditures. 

Syra Health is known for its contributions to improving health outcomes, particularly in challenging areas such as behavioural and mental health, population health, and digital health. 

The healthcare company's solutions focus on prevention, enhanced access, and affordability, and are supplied to a diverse clientele including providers, life sciences organisations, academic institutions, payers, and government entities.