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Investing.com -- Reviva Pharmaceuticals Holdings, Inc. (NASDAQ:RVPH) stock plummeted 39% in premarket trading Friday after the late-stage pharmaceutical company announced the pricing of a public offering that will raise approximately $9 million.
The offering consists of 27 million shares of common stock (or common stock equivalents) priced at $0.335 per share, along with accompanying Series E and Series F warrants. Each share comes with one Series E warrant and one Series F warrant, both with an exercise price of $0.335 per share.
The Series E warrants will be exercisable immediately upon issuance and will expire after five years, while the Series F warrants will also be exercisable immediately but expire after 12 months. The offering is expected to close around September 22, 2025, subject to customary closing conditions.
Reviva, which focuses on developing therapies for central nervous system, inflammatory, and cardiometabolic diseases, plans to use the proceeds to fund research and development activities as well as for working capital and general corporate purposes.
A.G.P./Alliance Global Partners is serving as the sole placement agent for the offering. The significant stock decline reflects investor concerns about the dilutive effect of the new share issuance on existing shareholders.
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