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Reviva Pharmaceuticals Holdings, Inc. Announces $8.5 Million Registered Direct Offering and Concurrent Private Placement Priced At-the-Market Under Nasdaq Rules
CUPERTINO, Calif., Sept. 06, 2022 (GLOBE NEWSWIRE) -- Reviva Pharmaceuticals Holdings, Inc. (NASDAQ: RVPH) (“Reviva” or the “Company”), a clinical-stage
About this update from Reviva Pharmaceuticals Holdings, Inc.
[{"type":"text","content":"CUPERTINO, Calif., Sept. 06, 2022 (GLOBE NEWSWIRE) -- Reviva Pharmaceuticals Holdings, Inc. (NASDAQ: RVPH) (“Reviva” or the “Company”), a clinical-stage pharmaceutical company developing therapies that seek to address unmet medical needs in the areas of central nervous system (CNS), cardiovascular, metabolic, and inflammatory diseases, today announced that it has entered into definitive agreements with a single healthcare-focused institutional investor, in a registered direct offering priced at-the-market under Nasdaq rules, and two affiliates of a member of the Company’s Board of Directors, each in a private placement, for the purchase and sale of an aggregate of 3,359,684 shares of its common stock (or pre-funded warrants to purchase shares of common stock in lieu thereof) at a purchase price per share of $2.53 (or $2.5299 per pre-funded warrant, which represents the per share offering price for the common stock less the $0.0001 per share exercise price for each pre-funded warrant), for gross proceeds of approximately $8.5 million before deducting placement agent fees and other estimated offering expenses. The Company has also agreed to issue to each investor, in an additional concurrent private placement, unregistered warrants to purchase up to 3,359,684 shares of the Company’s common stock. The warrants will have an exercise price of $2.40 per share, will be exercisable immediately following the date of issuance and will expire five years from the initial exercise date. The closing of the registered direct offering and the concurrent private placements is expected to occur on or about September 8, 2022, subject to the satisfaction of customary closing conditions. Reviva intends to use the net proceeds from the offering to continue the clinical development of brilaroxazine (RP5063) for the treatment of acute and maintenance schizophrenia, and for working capital and other general corporate purposes. A.G.P./Alliance Global Partners is acting as the sole placement agent for the offering. The offering of the shares of common stock and pre-funded warrants (and underlying shares of common stock) to the institutional investor is being made pursuant to an effective shelf registration statement on Form S-3 (File No. 333-262348) previously filed with the U.S. Securities and Exchange Commission (the “SEC”) and declared effective by the...