Reviva Pharmaceuticals prices 20M shares at 50c in public offering

Reviva Pharmaceuticals (RVPH) announced the pricing of its previously announced public offering with existing and new healthcare focused institutional investors for the purchase and sale of 20,000,000 shares of its common stock together with Series C warrants to purchase up to 20,000,000 shares of common stock and Series D warrants to purchase up to 20,000,000 shares of common stock, at a combined offering price of $0.50 per share and accompanying warrants, for aggregate gross proceeds of approximately $10M before deducting placement agent fees and other offering expenses. The Series C Warrants and the Series D Warrants will have an exercise price of $0.50 per share. The Series C Warrants will be exercisable immediately and will expire five years from the issuance date. The Series D Warrants will be exercisable immediately and will expire 12 months from the issuance date. The closing of the offering is expected to occur on or about June 27, subject to the satisfaction of customary closing conditions. The Company currently intends to use the net proceeds from the offering to fund research and development activities and for working capital and other general corporate purposes. A.G.P./Alliance Global Partners is acting as the sole placement agent for the offering.