NovaBay Pharmaceuticals Secures NYSE American Listing Compliance
NovaBay Pharmaceuticals Achieves NYSE American Compliance
EMERYVILLE, Calif. — NovaBay Pharmaceuticals, Inc. (NYSE: NBY) proudly announces that it has successfully regained compliance with the NYSE American’s continued listing standards, marking a significant milestone in its progress and operations.
Background on Listing Standards
Previously, in April and May of the previous year, the NYSE American notified NovaBay about its non-compliance with certain standards outlined in the NYSE American Company Guide. Specifically, it was reported that the Company fell short of the minimum stockholders' equity requirement of at least $6 million.
Steps Taken by NovaBay
In order to address this situation, NovaBay executed strategic financial moves, including the issuance and sale of pre-funded warrants amounting to approximately 5,405,406 shares of common stock, which helped raise about $6.0 million. Additionally, the Company issued 268,750 shares of Series E non-voting convertible preferred stock, generating net proceeds of around $2.15 million. These actions have collectively strengthened the Company’s capital structure and ensured the stockholders' equity exceeds the necessary $6 million threshold.
Confirmation of Compliance
A formal notice from the NYSE American dated recently verified that the Company has resolved all issues pertaining to compliance under Sections 1003(a)(i), (ii), and (iii). This letter is a testament to the Company’s commitment to maintaining high standards and ensuring a stable financial future.
About NovaBay Pharmaceuticals, Inc.
NovaBay Pharmaceuticals has carved a niche for itself by focusing on the development and marketing of innovative, scientifically proven products in the eyecare, wound care, and skin care sectors. The Company is committed to enhancing patient care through clinically validated solutions that address common health concerns.
Future Outlook
With its compliance restored, NovaBay is well-positioned to focus on growth and innovation. The Company plans to leverage its improved financial standing to continue developing cutting-edge therapies that benefit patients globally while enhancing stockholder value.
Company Contact Information
For further inquiries, please reach out to: Tommy Law
Chief Financial Officer
tlaw@novabay.com
Frequently Asked Questions
What is the recent achievement of NovaBay Pharmaceuticals?
NovaBay Pharmaceuticals has regained compliance with the NYSE American’s listing standards, essential for maintaining its listing on the exchange.
How did NovaBay address its compliance issues?
NovaBay issued pre-funded warrants and preferred stock to raise necessary capital and exceed the required stockholders' equity of $6 million.
What does this compliance mean for the company?
This compliance allows NovaBay to focus on growth and innovation without the stress of meeting listing standards, fostering investor confidence.
What areas does NovaBay Pharmaceuticals specialize in?
NovaBay specializes in developing and selling clinically validated products primarily in the eyecare, wound care, and skincare markets.
Who can I contact for more information about NovaBay?
For inquiries, you can contact Tommy Law, the Chief Financial Officer, at tlaw@novabay.com.
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