RVL Pharmaceuticals plc Announces $5 Million Registered Direct Offering Priced At-the-Market under Nasdaq Rules

BRIDGEWATER, N.J., Aug. 16, 2023 (GLOBE NEWSWIRE) -- RVL Pharmaceuticals plc (Nasdaq: RVLP) (“RVL” or the “Company”), a specialty pharmaceutical company focused on the commercialization of UPNEEQ (oxymetazoline hydrochloride ophthalmic solution), 0.1%, for the treatment of acquired blepharoptosis, or low-lying eyelid, in adults, today announced that it has entered into definitive agreements for the purchase and sale of 11,870,846 of its ordinary shares (or ordinary share equivalents in lieu thereof) at a purchase price of $0.4212 per ordinary share (or ordinary share equivalent in lieu thereof) in a registered direct offering priced at-the-market under Nasdaq rules. The Company also agreed to issue to the investors unregistered series A-1 warrants to purchase up to 11,870,846 ordinary shares and unregistered series A-2 warrants to purchase up to 11,870,846 ordinary shares. The series A-1 warrants have an exercise price of $0.4212 per share, will be exercisable beginning on the effective date of shareholder approval of the issuance of the shares upon exercise of the series A-1 warrants, and will expire five years following the date of shareholder approval. The series A-2 warrants have an exercise price of $0.4212 per share, will be exercisable beginning on the effective date of shareholder approval of the issuance of the shares upon exercise of the series A-2 warrants, and will expire eighteen months following the date of shareholder approval. The closing of the offering is expected to occur on or about August 18, 2023, subject to the satisfaction of customary closing conditions.

H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.

The gross proceeds to the Company from the registered direct offering are expected to be approximately $5 million, before deducting the placement agent’s fees and other offering expenses payable by the Company. The Company intends to use the net proceeds from this offering for general corporate purposes.

The ordinary shares (but not the warrants being offered in the private placement or the ordinary shares issuable upon exercise of the warrants) are being offered by the Company pursuant to a “shelf” registration statement on Form S-3 (File No. 333-269440) previously filed with the Securities and Exchange Commission, or the SEC, and declared effective by the SEC on February 6, 2023. The offering of the ordinary shares in the registered direct offering will be made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A final prospectus supplement and accompanying prospectus relating to the ordinary shares being offered in the registered direct offering will be filed with the SEC. Electronic copies of the final prospectus supplement and accompanying prospectus may be obtained, when available, on the SEC’s website at http://www.sec.gov or by contacting H.C. Wainwright & Co., LLC, 430 Park Avenue, 3rd Floor, New York, NY 10022, or by telephone at [phone], or email at [e-mail].