Reviva Pharmaceuticals Stock Experiences Wild Swings Following $9 Million Fundraising

Shares of Reviva Pharmaceuticals Holdings have been on a rollercoaster ride after the company disclosed the completion of a public offering that raised $9 million. The stock plummeted by 39% during Friday’s pre-market trading, only to stage a significant recovery at the start of the week with a gain exceeding 15%.

Financing Details and Market Response

In the offering, Reviva Pharmaceuticals sold 27 million shares priced at $0.335 per share. Each share was issued alongside Series E and Series F warrants. Before accounting for expenses, the gross proceeds to the company total approximately $9 million. These funds are earmarked primarily to support the company’s research and development initiatives. A.G.P./Alliance Global Partners acted as the sole placement agent for the transaction.

The initial, sharp sell-off reflected... Read more...