10:11 AM EDT, 05/28/2024 (MT Newswires) -- Reviva Pharmaceuticals ( RVPH ) declined by more than 8% in early trading Tuesday after the late-stage drug maker priced an offering of nearly 1.9 million shares and warrants to buy an equal number of shares at combined price of at $1.58 per share and warrant.

The registered direct offering, priced at-the-market under the Nasdaq rules, is expected to raise gross proceeds of about $3 million, the company said.

The warrants have an exercise price of $1.455 per share, are immediately exercisable and expire in five years.

Net proceeds from the deal are expected to be used to fund research and development activities and for working capital and other general corporate purposes, the company said.

Price: 1.38, Change: -0.15, Percent Change: -9.80