CUPERTINO, Calif., March 23, 2026 (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 the closing on March 20, 2026 of its previously announced public offering with healthcare focused institutional investors for the purchase and sale of 6,666,667 shares of its common stock (or common stock equivalents in lieu thereof) together with Series G warrants to purchase up to 6,666,667 shares of common stock (the "Series G Warrants") and Series H warrants to purchase up to 6,666,667 shares of common stock (the "Series H Warrants"), at a combined offering price of $1.50 per share and accompanying warrants, for aggregate gross proceeds of approximately $10 million before deducting placement agent fees and other offering expenses.

The Series G Warrants and the Series H Warrants have an exercise price of $1.50 per share. The Series G Warrants are exercisable immediately and expire five years from the issuance date. The Series H Warrants are exercisable immediately and expire 12 months from the issuance date.

The Company currently intends to use the net proceeds from the offering together with its existing cash and cash equivalents to fund research and development activities, including its planned RECOVER-2 Phase 3 trial for brilaroxazine in schizophrenia, and for working capital and other general corporate purposes.

Immediately following the closing of the offering, the Company has cash and cash equivalents of approximately $23 million (unaudited), which ...