CUPERTINO, Calif., May 29, 2024 (GLOBE NEWSWIRE) -- Reviva Pharmaceuticals Holdings, Inc. (NASDAQ:RVPH) ("Reviva" or the "Company"), a late-stage pharmaceutical company developing therapies that seek to address unmet medical needs in the areas of central nervous system (CNS), inflammatory and cardiometabolic diseases, today announced that it has closed its previously announced registered direct offering for the sale and issuance of 1,898,734 shares of the Company's common stock and warrants to purchase up to 1,898,734 shares of common stock at a combined offering price of $1.58 per share of common stock and accompanying warrant priced at-the-market under the Nasdaq rules. The warrants have an exercise price of $1.455 per share, are immediately exercisable and will expire five years following the date of issuance. H.C. Wainwright & Co. acted as the exclusive placement agent for the offering. The gross proceeds to Reviva from this offering were approximately $3 million, before deducting the placement agent's fees and other offering expenses. Reviva intends to use the net proceeds from this offering, together with its existing cash and cash equivalents, to fund research and development activities, including the registrational Phase 3 RECOVER-2 trial and for working capital and other general corporate purposes. The securities described above were offered pursuant to a "shelf" registration statement (File No. 333-262348) that was filed with the Securities and Exchange Commission ("SEC") on January 26, 2022 and was declared effective on February 2, 2022. The offering of the securities was made only by means of a prospectus, including a prospectus supplement, forming a part of an effective registration statement. A prospectus supplement and accompanying prospectus relating to the offering was filed with the SEC. Electronic copies of the prospectus supplement and accompanying prospectus may be obtained on the SEC's website at www.sec.gov or by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at (212) 856-5711 or e-mail at The Company also has agreed to amend certain existing warrants held by the investor in the offering ...