By Colin Kellaher
Shares of Reviva Pharmaceuticals Holdings tumbled in premarket trading Tuesday after the pharmaceutical company said it was raising $18 million in a public offering of common stock and warrants.
Reviva late Monday said it is selling 12 million shares, along with warrants to buy up to another 18 million shares, at a combined price of $1.50 per share and accompanying warrants, some 48% below Monday's closing price of $2.30.
Shares of the Cupertino, Calif., company, were recently down nearly 33% at $1.55 in premarket trading.
Reviva, which had nearly 34.6 million shares outstanding before the offering, said it plans to use the proceeds to fund research-and-development activities and for working capital and other general purposes.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
December 17, 2024 06:57 ET (11:57 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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