On April 15, 2024, Reviva Pharmaceuticals filed with the SEC a current report on Form 8-K. In this current report, Reviva Pharmaceuticals announced that “the Company’s previously issued financial statements for the fiscal year ended December 31, 2022 included in its Annual Report on Form 10-K, the interim financial statements for the quarterly period ended September 30, 2022 included in its Quarterly Report on Form 10-Q, and each of the interim financial statements for the quarterly periods in fiscal 2023 included in its Quarterly Reports on Form 10-Q (cumulatively, the “Restatement Periods”) should be restated to correct historical errors related principally to the timing of recognition of the Company’s estimated accrual of certain research and development expenses, and should therefore no longer be relied upon.”
On this news, Reviva Pharmaceuticals’ stock fell $0.21 per share, or 5.7%, to close at $3.48 per share on April 15, 2024.
