Reviva Pharma plunges on highly dilutive stock-and-warrants offering

Reviva Pharmaceuticals RVPH.O shares plunging 45% to record low $1.03 premarket after follow-on offering priced

RVPH late Weds sold ~6.7 mln shares along with two series of accompanying warrants at $1.50 for $10 mln gross proceeds

Offering price represents 20% discount to stock's last close

Both series of warrants exercisable immediately and have exercise price of $1.50

Cupertino, California-based RVPH has ~6.4 mln shares outstanding after effecting a 1-for-20 reverse split on Mar 9

It intends to use net offering proceeds to fund R&D, including planned RECOVER-2 Phase 3 trial for its schizophrenia drug, brilaroxazine, among other purposes, per the prospectus

Alliance Global Partners sole placement agent

Through Weds close, stock plummeted 66% YTD after 85% dive in 2025

5 of 6 analysts covering the stock rate it "buy", 1 "hold", per LSEG