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Reviva Pharmaceuticals Announces Pricing of $5.0 Million Underwritten Offering Priced At-the-Market Under Nasdaq Rules
CUPERTINO, Calif., Aug. 21, 2024 (GLOBE NEWSWIRE) -- Reviva Pharmaceuticals Holdings, Inc. (NASDAQ: RVPH) (“Reviva” or the “Company”), a late-stage
About this update from Reviva Pharmaceuticals Holdings, Inc.
[{"type":"text","content":"CUPERTINO, Calif., Aug. 21, 2024 (GLOBE NEWSWIRE) -- Reviva Pharmaceuticals Holdings, Inc. (NASDAQ: RVPH) (“Reviva” or the “Company”), a late-stage pharmaceutical company developing therapies that seek to address unmet medical needs in the areas of central nervous system (CNS), inflammatory and cardiometabolic diseases, today announced the pricing of an underwritten offering of 4,761,905 shares of the Company’s common stock (or pre-funded warrants in lieu thereof) and investor warrants to purchase up to 4,761,905 shares of common stock. The combined offering price of each share of common stock and accompanying warrant sold in the offering (including the pricing for the warrant repricing described below) will be equal to $1.05, priced at-the-market under the Nasdaq rules. The combined offering price of each pre-funded warrant and accompanying warrant sold in the offering will be equal to $1.0499. The warrants have an exercise price of $0.7964 per share, will be immediately exercisable and will expire five years following the date of issuance. The pre-funded warrants have an exercise price of $0.0001 per share, will be immediately exercisable and may be exercised at any time after their original issuance. The offering is expected to close on or about August 22, 2024, subject to customary closing conditions. Reviva expects to receive aggregate gross proceeds from the offering of approximately $5.0 million, excluding underwriting discounts and commissions and other offering-related expenses. Reviva intends to use the net proceeds from the offering, together with its existing cash and cash equivalents, to fund research and development activities, including the Company’s registrational global, randomized 4-week Phase 3 RECOVER-2 trial, and for working capital and other general corporate purposes. Titan Partners Group, a division of American Capital Partners, is acting as sole bookrunner for the offering. The Company also has agreed that certain existing warrants held by the investor in the offering to purchase up to an aggregate of 4,736,561 shares of the Company’s common stock that were previously issued to the investor in November 2023 and June 2021, with an exercise price of $5.00 and $4.125 per share, respectively, will be amended for $0.125 per amended warrant, effective upon the closing of the offering, so that the amended warra...