Reviva Pharmaceuticals Holdings (RVPH) said Thursday it has priced its previously announced public offering to buy and sell 20 million of its common shares, together with series C warrants and series D warrants to buy up to the same amount of common shares at $0.50 per share and warrants, for total gross proceeds of about $10 million.

The series C warrants will be exercisable immediately at $0.50 per share and will expire after five years from the date of issuance, while the series D warrants, also exercisable immediately at the same price, will expire after 12 months of the issuance date, the pharmaceutical company said.

Reviva said it intends to close the offering around Friday, adding that it plans to use the net proceeds to finance research and development activities, working capital, and other general corporate purposes.

Reviva's stock was down 43% in recent Thursday premarket activity.