Syra Health (SYRA) plans to delist from Nasdaq with the last day of share trading expected around April 21.

The shares are expected to be listed on the OTC market until a possible relisting on a national securities exchange, Syra Health said Tuesday in a statement.

"The company will be better enabled to enhance operational efficiencies, optimize its financial health and generate sustainable long-term growth" while reducing costs associated with a Nasdaq listing, according to the statement.

The company plans to file a delisting notification with the Securities and Exchange Commission on April 11.

Syra Health received a noncompliance notice from Nasdaq in October for failing to meet the minimum $1 bid price for continued listing. The company had until April 16 to regain compliance.

Shares of the company fell 37% in after-hours trading.