07:05 AM EDT, 08/21/2024 (MT Newswires) -- Reviva Pharmaceuticals ( RVPH ) said Wednesday it had priced a $5 million offering of 4.8 million shares of common stock and 4.8 million warrants at a combined price of $1.05.

The company said the warrants have an exercise price of $0.7964 per share, exercisable immediately, and expire in five years.

The proceeds from the offering, expected to close on Aug. 22, would be used to fund research, including a Phase 3 trial and general corporate needs.

The drug developer said it would amend existing warrants issued to the investor in November 2023 and June 2021 to a reduced exercise price of $0.7964 per share with a five-year expiration.

Shares of the company fell more than 14% in premarket activity.

Price: 0.9750, Change: -0.16, Percent Change: -14.47