04:00 PM EDT, 08/16/2024 (MT Newswires) -- Syra Health ( SYRA ) said in a filing Friday that it received a notice from Nasdaq for not meeting the required minimum $2.5 million shareholders' equity under the exchange's listing rules.

Syra Health ( SYRA ) said it has 45 days from the date of notice to submit a plan to regain compliance for continued listing.

The company also said it has not executed certain service contracts as anticipated and now expects full year revenue between $7.5 million to $9.5 million, according to the filing. Analysts polled by Capital IQ expected $7.7 million.

Separately, the company filed a preliminary prospectus for the potential sale of securities.

The registration included up to about 3.8 million of class A shares; series A warrants, series B warrants, pre-funded warrants to buy class A shares; up to 189,393 placement agent warrants to buy class A shares; and up to about 11.6 million class A shares underlying the series A, series B, pre-funded and placement agent warrants.

The company expects to use about $4.3 million in net proceeds for marketing and sales, application development, research and development and for general corporate purposes.

Syra shares were down nearly 11% in recent trading on Friday.

Price: 1.19, Change: -0.15, Percent Change: -11.19