Reviva Pharmaceuticals announces $30 million share offering By Investing.com

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© Reuters.

NEW YORK – Reviva Pharmaceuticals Holdings, Inc. has entered into an agreement for an at-the-market offering, announcing the sale of shares and warrants with a projected closing date of Monday. The healthcare company, known for its innovative research and development (R&D) in therapeutic areas, has agreed to issue 5,853,660 shares and instantly exercisable prefunded warrants. Each share and warrant is priced at $5.125, attracting healthcare investors and a firm associated with a member of Reviva’s Board under Nasdaq regulations.

The transaction is expected to close by Monday, subject to customary closing conditions, with estimated gross proceeds of $30 million. The funds raised before deductions such as fees for H.C. Wainwright & Co., who is serving as the exclusive placement agent for the offering, will bolster Reviva’s financial position.

The net proceeds from this offering are earmarked for several key initiatives:

  • Advancement of the Phase 3 RECOVER-2 trial
  • Further product development efforts
  • Enhancement of working capital
  • Other general corporate purposes

Additionally, the funds may be used for potential acquisitions or investments in businesses or technologies that complement Reviva’s current portfolio. However, as of today, there are no definitive agreements in place for such transactions.

This strategic financial move is set to provide Reviva Pharmaceuticals with the necessary resources to continue its pursuit of developing innovative treatments that address unmet medical needs.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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