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NEW YORK - Reviva Pharmaceuticals Holdings, Inc. (NASDAQ:RVPH), a $28.6 million market cap pharmaceutical company whose stock has declined nearly 77% year-to-date, announced Thursday the pricing of a public offering that will raise approximately $9 million in gross proceeds before expenses. According to InvestingPro data, the company currently trades above its Fair Value.
The late-stage pharmaceutical company, which focuses on central nervous system, inflammatory and cardiometabolic diseases, is selling 27 million shares of common stock (or equivalents) at $0.335 per share. Each share comes with two accompanying warrants - Series E warrants and Series F warrants - both with an exercise price of $0.335 per share. Analyst price targets for the stock range from $2 to $16, though InvestingPro analysis reveals the company’s overall financial health score is currently weak.
The Series E warrants will be exercisable immediately upon issuance and expire after five years, while the Series F warrants will also be exercisable immediately but expire after 12 months.
The offering, conducted with existing and new healthcare-focused institutional investors, is expected to close around September 22, subject to customary closing conditions. A.G.P./Alliance Global Partners is serving as the sole placement agent.
Reviva plans to use the net proceeds to fund research and development activities and for working capital and general corporate purposes, according to the company’s statement. While the company holds more cash than debt on its balance sheet, InvestingPro data shows its short-term obligations exceed liquid assets, with a current ratio of 0.9. InvestingPro subscribers have access to 9 additional key insights about RVPH’s financial position and market performance.
The securities are being offered through an effective shelf registration statement filed with the U.S. Securities and Exchange Commission in February 2024.
Reviva’s current pipeline includes two drug candidates - brilaroxazine and RP1208 - both new chemical entities discovered in-house. The company has been granted composition of matter patents for both compounds in the United States, Europe, and several other countries.
The information in this article is based on a press release statement from the company.
In other recent news, Reviva Pharmaceuticals Holdings, Inc. has announced a public offering of common stock and warrants, aiming to raise approximately $10 million in gross proceeds. The shares are priced at $0.50 each, with the offering consisting of 20 million shares of common stock and Series C and D warrants for potential additional shares. The proceeds from this offering are intended to support research and development activities and general corporate purposes. A.G.P./Alliance Global Partners is acting as the sole placement agent for this transaction. Additionally, Benchmark has lowered its price target for Reviva Pharmaceuticals from $14.00 to $7.00, maintaining a Speculative Buy rating. This adjustment follows uncertainty surrounding an upcoming FDA meeting concerning the company’s New Drug Application for its schizophrenia treatment, Brilaroxazine. These developments reflect ongoing strategic moves by Reviva Pharmaceuticals as it navigates its financial and regulatory landscape.
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