RVL Pharmaceuticals Announces $5 Million Registered Direct Offering of Ordinary Shares, Warrants

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.