© 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, agreed to issue 5,853,660 shares and pre-funded warrants exercisable instantly. Each share and warrant is priced at $5.125, attracting investors in the healthcare sector and a company associated with a member of Reviva’s board of directors under Nasdaq regulations.
The transaction is expected to close on Monday, subject to customary closing conditions, with estimated gross proceeds of $30 million. The funds raised before deductions such as fees to HC Wainwright & Co., which is acting as exclusive placement agent for the offering, will strengthen Reviva’s financial position.
The net proceeds from this offering will support several key initiatives:
- RECOVER-2 Phase 3 Trial Progress
- Additional efforts in product development
- Working capital improvement
- Other general social purposes
Additionally, funds may be used for potential acquisitions or investments in businesses or technologies that complement Reviva’s current portfolio. However, to date, there are no definitive agreements for such transactions.
This strategic financial move is intended to provide Reviva Pharmaceuticals with the necessary resources to continue its pursuit of developing innovative treatments that address unmet medical needs.
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