Replies to post #227586 on Biotech Values

[dewophile]

Again, this is a firm underwriting. The Company can give the underwriters some slack and postpone the closing, but in the end, the underwriters are obligated to close even if they can't sell the stock at a profit.

Forgive my ignorance, but when you say the underwriters are obligated to close does that mean to back out they would need RVNC's permission or is there some penalty they incur if they do back out at this point?

[DewDiligence]

Another interpretation of the phrase, “at this point” is that RVNC plans to issue a PR after the underwriter exercises (or declines) the 30-day option on 975K shares (an industry-standard 15% of the shares in the main offering).

Issuing a PR only after the underwriter's-option decision has been made is a fairly common practice.

I, too, sent an email to RVNC IR and I got the same “at this point” response that you got.