NovaBay Pharmaceuticals Accepts Revised Offer from PRN Physician Recommended Nutriceuticals, LLC and Enters into an Amendment to the Asset Purchase Agreement to Increase Purchase Price
NovaBay Pharmaceuticals (NYSE American: NBY) has accepted a revised offer from PRN Physician Recommended Nutriceuticals to increase the purchase price for its eyecare business from $9.5 million to $11.5 million. The deal includes a secured promissory note of up to $1.0 million in two $0.5 million installments. The Board determined this revised offer was superior to an unsolicited proposal from Refresh Acquisitions BidCo The transaction requires stockholder approval at a Special Meeting scheduled for November 22, 2024. The Board unanimously recommends stockholders approve both the PRN transaction and the potential voluntary liquidation of the company.
NovaBay Pharmaceuticals (NYSE American: NBY) ha accettato un'offerta rivista da PRN Physician Recommended Nutriceuticals per aumentare il prezzo di acquisto della sua attività di cura degli occhi da 9,5 milioni di dollari a 11,5 milioni di dollari. L'accordo include una cambiale garantita fino a 1,0 milione di dollari in due rate di 0,5 milioni di dollari. Il Consiglio ha determinato che questa offerta rivista era superiore a una proposta non richiesta da Refresh Acquisitions BidCo. La transazione richiede l'approvazione degli azionisti in un'assemblea straordinaria programmata per il 22 novembre 2024. Il Consiglio raccomanda unanimemente agli azionisti di approvare sia la transazione con PRN che la potenziale liquidazione volontaria della società.
NovaBay Pharmaceuticals (NYSE American: NBY) ha aceptado una oferta revisada de PRN Physician Recommended Nutriceuticals para aumentar el precio de compra de su negocio de cuidado ocular de 9,5 millones de dólares a 11,5 millones de dólares. El acuerdo incluye una nota promisoria asegurada de hasta 1,0 millón de dólares en dos pagos de 0,5 millones de dólares. La Junta determinó que esta oferta revisada era superior a una propuesta no solicitada de Refresh Acquisitions BidCo. La transacción requiere la aprobación de los accionistas en una reunión especial programada para el 22 de noviembre de 2024. La Junta recomienda unánimemente a los accionistas que aprueben tanto la transacción con PRN como la posible liquidación voluntaria de la empresa.
노바베이 제약회사 (NYSE American: NBY)는 PRN 의사 추천 영양제의 수정된 제안을 수락하여 눈 관리 사업의 매매 가격을 950만 달러에서 1150만 달러로 인상했습니다. 계약에는 100만 달러까지 보장된 약속어음이 두 차례 각각 50만 달러로 나누어 포함되어 있습니다. 이사회는 이 수정된 제안이 Refresh Acquisitions BidCo의 비공식 제안보다 우수하다고 판단했습니다. 이 거래는 2024년 11월 22일로 예정된 특별 회의에서 주주 승인으로 이어져야 합니다. 이사회는 주주들에게 PRN 거래와 회사의 잠재적인 자발적 청산을 모두 승인할 것을 만장일치로 권장합니다.
NovaBay Pharmaceuticals (NYSE American: NBY) a accepté une offre révisée de PRN Physician Recommended Nutriceuticals pour augmenter le prix d'achat de son activité de soins oculaires de 9,5 millions de dollars à 11,5 millions de dollars. L'accord comprend une note promissoire garantie pouvant atteindre 1,0 million de dollars en deux versements de 0,5 million de dollars. Le Conseil a déterminé que cette offre révisée était supérieure à une proposition non sollicitée de Refresh Acquisitions BidCo. La transaction nécessite l'approbation des actionnaires lors d'une Assemblée Générale Extraordinaire prévue le 22 novembre 2024. Le Conseil recommande à l'unanimité aux actionnaires d'approuver à la fois la transaction avec PRN et la liquidation volontaire potentielle de l'entreprise.
NovaBay Pharmaceuticals (NYSE American: NBY) hat ein überarbeitetes Angebot von PRN Physician Recommended Nutriceuticals angenommen, um den Kaufpreis für sein Geschäft im Bereich Augenpflege von 9,5 Millionen Dollar auf 11,5 Millionen Dollar zu erhöhen. Der Deal beinhaltet eine gesicherte Schuldanerkennung von bis zu 1,0 Million Dollar in zwei Raten von 0,5 Millionen Dollar. Der Vorstand stellte fest, dass dieses überarbeitete Angebot besser war als ein unaufgefordertes Angebot von Refresh Acquisitions BidCo. Die Transaktion erfordert die Genehmigung der Aktionäre auf einer Sonderversammlung, die für den 22. November 2024 geplant ist. Der Vorstand empfiehlt einstimmig den Aktionären, sowohl die PRN-Transaktion als auch die mögliche freiwillige Liquidation des Unternehmens zu genehmigen.
- Purchase price increased by $2 million from $9.5M to $11.5M
- Secured bridge loan of $1.0M provided by PRN
- Removal of debt financing contingencies
- Company facing potential voluntary liquidation
- Bridge loan to be repaid through deduction from final purchase price
- Transaction still requires shareholder approval
“We are pleased to accept PRN’s revised offer for the Avenova® brand and continue our efforts to obtain stockholder approval. With the newly added value, we truly believe this deal is in the best interests of our stockholders," said Justin Hall, NovaBay CEO.
In addition to the increased base purchase price of
When evaluating the Revised PRN Transaction Terms and the Amendment, the Company’s Board of Directors (the “Board”) gave due consideration to the unsolicited and non-binding acquisition proposal received from Refresh Acquisitions BidCo LLC (“Refresh”), which the Board previously determined was a “Superior Proposal” under the PRN APA as announced on October 29, 2024. The Board carefully assessed the relative benefits and risks of the proposals from both PRN and Refresh. Following this assessment, the Board determined that the Refresh unsolicited and non-binding acquisition proposal was no longer a “Superior Proposal” and that entering into the Amendment and the Bridge Loan were advisable and in the best interests of the Company and its stockholders. As a result of the Board’s determination to enter into the Amendment and continue its transaction with PRN, the Company ended its engagement with Refresh in accordance with the terms of the PRN APA.
The Special Meeting of the Company’s stockholders (the “Special Meeting”) to approve the transaction with PRN remains scheduled for November 22, 2024 at 11:00 a.m. Pacific Time. The Board continues to unanimously recommend that stockholders approve the pending transaction with PRN, as well as the potential voluntary liquidation and dissolution of the Company at the Special Meeting. If stockholders have questions or need help voting their shares, please call the Company’s proxy solicitation firm, Sodali & Co., at 1-800-607-0088.
This summaries of the Amendment and the Bridge Loan do not purport to be complete, and the Company encourages stockholders to read the full text of the Amendment and the Bridge Loan that will be included with the Company’s Current Report on Form 8-K, which will be filed with the Securities and Exchange Commission (the “SEC”) in due course. Further, the Company intends to provide its stockholders with additional supplemental disclosure to the definitive proxy statement filed with the SEC on October 16, 2024 (the “Special Meeting Proxy Statement”) and will file relevant materials with the SEC. Stockholders are urged to read the Special Meeting Proxy Statement as supplemented and such other relevant materials for more information, including with respect to the terms of the Amendment and the Bridge Loan.
About NovaBay Pharmaceuticals, Inc.
NovaBay’s leading product Avenova® Lid & Lash Cleansing Spray is often recommended by eyecare professionals for blepharitis and dry eye disease. Manufactured in the
Forward-Looking Statements
This release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. These forward-looking statements are based upon the Company and its management’s current expectations, assumptions, estimates, projections and beliefs. Such statements include, but are not limited to, statements regarding the contemplated transaction with PRN (including the Amendment and the Bridge Loan), the unsolicited offer by Refresh and related matters. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or achievements to be materially different and adverse from those expressed in, or implied by, these forward-looking statements. Other risks relating to NovaBay’s business, including risks that could cause results to differ materially from those projected in the forward-looking statements in this press release, are detailed in the Company’s latest Form 10-K, subsequent Forms 10-Q and/or Form 8-K filings with the SEC and the Special Meeting Proxy Statement, especially under the heading “Risk Factors.” The forward-looking statements in this release speak only as of this date, and the Company disclaims any intent or obligation to revise or update publicly any forward-looking statement except as required by law.
Additional Information and Where to Find It
In connection with the solicitation of proxies, on October 16, 2024, NovaBay filed the Special Meeting Proxy Statement with the SEC with respect to the Special Meeting to be held in connection with the proposed asset sale to PRN and a potential voluntary liquidation and dissolution of the Company. Promptly after filing the Special Meeting Proxy Statement with the SEC, NovaBay mailed the Special Meeting Proxy Statement and a proxy card to each stockholder entitled to vote at the Special Meeting to consider the contemplated asset sale to PRN and potential dissolution. STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS THAT NOVABAY HAS FILED OR WILL FILE WITH THE SEC BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Stockholders may obtain, free of charge, the Special Meeting Proxy Statement, any amendments or supplements thereto, and any other relevant documents filed by NovaBay with the SEC in connection with the contemplated asset sale to PRN and potential dissolution at the SEC's website (http://www.sec.gov) or at the Company’s investor relations website https://novabay.com/investors/) or by writing to NovaBay Pharmaceuticals, Inc., Investor Relations, 2000 Powell Street, Suite 1150,
Participants in the Solicitation
NovaBay and its directors and executive officers may be deemed to be participants in the solicitation of proxies from NovaBay’s stockholders in connection with the contemplated asset sale to PRN and the potential dissolution. A list of the names of the directors and executive officers of the Company and information regarding their interests in the contemplated asset sale to PRN and the potential dissolution, including their respective ownership of the Company’s common stock and other securities is contained in the Special Meeting Proxy Statement. In addition, information about the Company’s directors and executive officers and their ownership in the Company is set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and filed with the SEC on March 26, 2024, as amended on March 29, 2024 and as modified or supplemented by any Form 3 or Form 4 filed with the SEC since the date of such filing.
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Avenova Purchasing Information
For NovaBay Avenova purchasing information:
Please call 800-890-0329 or email sales@avenova.com
Avenova.com
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NovaBay Contact
Justin Hall
Chief Executive Officer and General Counsel
510-899-8800
jhall@novabay.com
Investor Contact
Alliance Advisors IR
Jody Cain
310-691-7100
jcain@allianceadvisors.com
Source: NovaBay Pharmaceuticals, Inc.
FAQ
What is the new purchase price for NovaBay's (NBY) eyecare business?
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What bridge financing is PRN providing to NovaBay (NBY)?
What happened to Refresh Acquisitions' proposal for NovaBay (NBY)?
