Dear Mr. Laxminarayan Bhat,

I am writing to you on behalf of the deeply disappointed and frustrated shareholders of Reviva Pharmaceuticals. As stakeholders who have placed our trust, faith, and financial resources into the success of the company, we are appalled by the egregious mismanagement, broken promises, and significant failure to deliver shareholder value under your leadership.

It is with great concern and disappointment that we must address the devastating losses our investors have incurred, with share prices plummeting by nearly 70%. Such a staggering decline not only undermines our confidence in the company's ability to execute its strategic objectives but also reflects a fundamental breakdown in corporate governance and fiduciary responsibility.

Furthermore, despite repeated assurances and promises from the executive team, we have yet to witness any meaningful progress or tangible results from your purported efforts to secure partnerships. It has been two years since the company allegedly commenced its search for collaborations, yet there has been a glaring lack of transparency and accountability regarding the status and outcomes of these initiatives. Shareholders are left wondering why it is taking so long to establish strategic alliances that are crucial for advancing our pipeline and generating sustainable growth.

The prolonged delays and lack of concrete progress have eroded investor confidence and instilled a sense of skepticism and disillusionment within the shareholder community. We are witnessing firsthand the erosion of faith in the company's management, its strategic vision, and the prospects of our flagship drug. As stewards of our investment, we demand clarity, accountability, and decisive action to rectify the systemic failures that have led to this dire situation.

Dr Lax, it is imperative that you heed the concerns and frustrations of your shareholders and take immediate and decisive steps to address the underlying issues plaguing Reviva Pharmaceuticals. We urge you to prioritize transparency, accountability, and shareholder value creation in all your future endeavors. The future success of our company and our hard earned cash investments hinges on your ability to restore trust, execute on your commitments, and deliver sustainable growth for the benefit of all stakeholders.

We eagerly await your prompt and substantive response to our concerns and stand ready to engage constructively in discussions aimed at realizing the full potential of Reviva Pharmaceuticals.

Sincerely,

Retail investors of Reviva Pharmaceuticals (Nasdaq: RVPH)