RVPH - Reviva Announces Closing of $30 Million Registered Direct Offering Priced At-the-Market Under Nasdaq Rules | Benzinga
CUPERTINO, Calif., Nov. 20, 2023 (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 that it has closed its previously announced registered direct offering with several healthcare-focused institutional investors, and an investment vehicle managed by a firm affiliated with a member of the Company's Board of Directors, for the sale and issuance of 5,853,660 shares of the Company's common stock (or prefunded warrants in lieu thereof) and warrants to purchase up to 5,853,660 shares of common stock at a combined offering price of $5.125 per share of common stock (or prefunded warrant in lieu thereof) and accompanying warrant priced at-the-market under the Nasdaq rules. The warrants have an exercise price of $5.00 per share, are immediately exercisable and will expire five years following the date of issuance.
H.C. Wainwright & Co. acted as the exclusive placement agent for the offering.
The gross proceeds to Reviva from this offering were approximately $30,000,000, before deducting the placement agent's fees and other offering expenses. Reviva intends to use the net proceeds from this offering, together with its existing cash and cash equivalents, to fund research and development activities, including the registrational Phase 3 RECOVER-2 trial and other clinical and regulatory development and the continued development of Reviva's product candidates and for working capital and other general corporate purposes. Reviva may also use a portion of the net proceeds and its existing cash and cash equivalents for acquisitions or investments in businesses, products or technologies that are complementary to its own. However, Reviva currently does not have agreements or commitments to complete any such transaction.
The securities described above were offered pursuant to a "shelf" registration statement (File No. 333-262348) that was filed with the Securities and Exchange Commission ("SEC") on January 26, 2022 and was declared effective on February 2, 2022. The offering of the securities was made only by ...