Revelation Biosciences Inc (NASDAQ:REVB) shares are trading lower by 38% to 58 cents during Tuesday's session after the company said it entered a definitive agreement for the immediate exercise of outstanding warrants to purchase 4,064,040 shares of common stock at $1.00 per share.

The shares, registered under a Form S-3 filing, are expected to generate approximately $4 million in proceeds. The transaction is set to close on December 3, pending customary conditions.

Roth Capital Partners is serving as the financial advisor for the deal. REVB shares otherwise gained Monday after the company announced FDA acceptance of Gemini IND.

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According to data from Benzinga Pro, REVB has a 52-week high of $25.26 and a 52-week low of $0.51.