Reviva Announces $3 Million At-the-Market Direct Offering Under Nasdaq Rules

Reviva Pharmaceuticals Holdings, Inc. (NASDAQ: RVPH), a biopharmaceutical company based in Cupertino, California, has announced the sale and issuance of approximately 1.9 million shares of its common stock. This transaction also includes warrants to purchase an equivalent number of shares, at a combined offering price of $1.58 per share and accompanying warrant. This direct offering adheres to Nasdaq's at-the-market pricing rules. The warrants can be exercised at a price of $1.455 per share, becoming effective immediately upon issuance and expiring five years from the issuance date.

The closing of this offering is anticipated to occur around May 29, 2024, subject to customary closing conditions. H.C. Wainwright & Co. is serving as the exclusive placement agent for this offering. Reviva expects gross proceeds of approximately $3 million from this transaction, before deducting placement agent fees and other related expenses. The net proceeds, combined with the company's existing funds, will be utilized primarily for research and development activities, including the Phase 3 RECOVER-2 clinical trial, as well as for general corporate purposes and working capital.

The securities in this offering are being issued under a "shelf" registration statement (File No. 333-262348) filed with the SEC on January 26, 2022, and declared effective on February 2, 2022. The offering of these securities will be conducted solely through a prospectus and its accompanying supplement, which form part of the effective registration statement. Once available, electronic copies of the prospectus and its supplement can be accessed on the SEC’s website.

Additionally, Reviva has agreed to amend certain existing warrants previously issued in November 2023 to purchase up to 1,365,854 shares of common stock. The amendment reduces the exercise price of these warrants from $5.00 to $1.455 per share, effective upon the closing of the current offering. These amended warrants will also expire five years from the date of the offering's closure.

Brilaroxazine, a new chemical entity discovered by Reviva, has shown promising results in treating schizophrenia. In the global Phase 3 RECOVER trial, the drug met all primary and secondary endpoints, showing significant reductions in major symptoms with a good safety profile. Reviva is also exploring brilaroxazine's potential for treating other neuropsychiatric conditions such as bipolar disorder, major depressive disorder, and ADHD. Furthermore, the drug has demonstrated efficacy in preclinical models for inflammatory diseases like psoriasis, pulmonary arterial hypertension (PAH), and idiopathic pulmonary fibrosis (IPF). Brilaroxazine has received Orphan Drug Designation from the U.S. FDA for treating PAH and IPF.

Reviva Pharmaceuticals is committed to developing next-generation therapeutics for diseases with unmet medical needs. Its pipeline includes two drug candidates: brilaroxazine (RP5063) and RP1208, both conceived in-house. The company holds composition of matter patents for these compounds in the United States, Europe, and several other countries.

This announcement includes forward-looking statements about future events and financial performance, which are subject to risks and uncertainties. These statements are based on current expectations and assumptions but may differ materially from actual results due to various factors. Investors are advised to review Reviva's filings with the SEC for a comprehensive understanding of these risks and uncertainties.

Reviva Pharmaceuticals remains focused on advancing its clinical and regulatory milestones while seeking to address significant medical needs across various therapeutic areas.

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