Shares of Reviva Pharmaceuticals Holdings, Inc. (RVPH) dropped sharply after the company announced pricing of a public offering.
The stock is currently trading at $0.74, down $1.13 or 60.43%, on the Nasdaq. It opened at $0.89 after closing the previous session at $1.87. The stock has traded between $0.67 and $23.40 over the past 52 weeks.
Reviva Pharmaceuticals said it priced a public offering expected to raise approximately $10 million in gross proceeds.
The offering consists of 6.67 million shares or equivalents, along with Series G and Series H warrants to purchase up to an equal number of shares, at a combined price of $1.50 per share and accompanying warrants.
The warrants have an exercise price of $1.50 per share; Series G warrants expire in five years, and Series H warrants expire in 12 months.
The company expects to use the proceeds to fund research and development activities, including its planned Phase 3 RECOVER-2 trial for brilaroxazine in schizophrenia, as well as for working capital and general corporate purposes.
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