Reviva Pharmaceuticals lowers shareholder meeting quorum requirement

Reviva Pharmaceuticals Holdings, Inc. (NASDAQ:RVPH) announced Friday that its board of directors approved an amendment to the company’s bylaws, reducing the quorum required for shareholder meetings. Effective the same day, the amendment lowers the quorum threshold to one-third (33⅓%) of the voting power of stock outstanding and entitled to vote, present in person, by remote communication, or by proxy.

Previously, the bylaws required a majority in voting power of shares entitled to vote, present in person or by proxy, to constitute a quorum for the transaction of business at shareholder meetings. The new bylaw amendment applies except where otherwise required by law or the company’s certificate of incorporation or bylaws.

The amendment was adopted and approved by the board of directors and is reflected in Amendment No. 1 to the company’s bylaws. Reviva Pharmaceuticals’ common stock and warrants trade on the Nasdaq Capital Market under the symbols RVPH and RVPHW, respectively.

This information is based on a press release statement contained in the company’s filing with the Securities and Exchange Commission.

In other recent news, Reviva Pharmaceuticals Holdings, Inc. announced the pricing of a public offering intended to raise approximately $9 million in gross proceeds. The offering includes 27 million shares of common stock priced at $0.335 per share, each accompanied by Series E and Series F warrants. These warrants have an exercise price of $0.335 per share. Proceeds from this offering are earmarked for research and development activities and general corporate purposes. Additionally, Reviva had previously priced another public offering at $0.50 per share, aiming to raise around $10 million with Series C and Series D warrants attached. In other developments, Benchmark has lowered its price target for Reviva Pharmaceuticals to $7.00 from $14.00, while maintaining a Speculative Buy rating. This adjustment comes as the company anticipates a significant FDA meeting in the fourth quarter of 2025 concerning its schizophrenia treatment, Brilaroxazine. These recent developments reflect ongoing financial and strategic activities at Reviva Pharmaceuticals.

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