Reviva shares rise 11.59% intraday after pricing $10M stock and warrant offering to fund RECOVER-2 Phase 3 trial.

Reviva Pharmaceuticals surged 11.59% intraday after announcing a $10 million public offering of 6,666,667 shares with attached Series G and H warrants at $1.50 per share. The offering, expected to close by March 20, 2026, will fund the company’s RECOVER-2 Phase 3 trial for brilaroxazine, a schizophrenia treatment, and general corporate purposes. The transaction, led by A.G.P./Alliance Global Partners, reflects investor confidence in Reviva’s late-stage pipeline and strategic focus on CNS therapies. By securing capital for critical R&D milestones, the company signals progress in advancing its lead candidate, likely boosting market sentiment amid high demand for innovative psychiatric drug candidates. The warrants’ exercise price of $1.50 aligns with the offering price, minimizing immediate dilution concerns, further supporting the positive price reaction.