NovaBay Pharmaceuticals Announces 1-for-35 Reverse Stock Split
NovaBay Pharmaceuticals (NYSE American: NBY) announced the approval of a 1-for-35 reverse stock split following stockholder approval on November 10, 2022. The split will take effect on November 15, 2022, at 4:15 p.m. ET, with trading on a split-adjusted basis commencing on November 16, 2022. This move aims to enhance the stock's marketability and liquidity, potentially aiding compliance with NYSE American listing requirements. The split will reduce outstanding shares from approximately 64 million to about 1.86 million while maintaining authorized shares and par values.
- The reverse stock split aims to improve the market price of the shares, potentially boosting interest and trading.
- The split is expected to help the company regain compliance with NYSE American listing requirements.
- None.
“We thank our stockholders for their support in approving all proposals during our special stockholders’ meeting,” said
The effect of the reverse stock split will be to combine every thirty-five (35) shares of outstanding Company common stock and every thirty-five (35) shares held in treasury into one (1) share of common stock as of the Effective Date. The reverse stock split will not reduce the number of authorized shares of common stock or authorized shares of preferred stock or change the par values of the Company’s common stock (which will remain at
The Company is not issuing fractional shares in connection with the reverse stock split; rather, the Company will issue an additional whole share to all holders that would otherwise receive a fractional share of common stock. Except for adjustments resulting from the treatment of fractional shares, each stockholder will hold the same percentage of our outstanding common stock immediately following the reverse stock split as such stockholder held immediately prior to the reverse stock split.
All outstanding options, restricted stock awards, warrants, preferred stock and other securities entitling their holders to purchase or otherwise receive shares of common stock will be adjusted as a result of the reverse stock split, as required by the terms of each security.
The Company expects that the reverse stock split will increase the per share market price of its common stock, which the Company believes will enable it to regain compliance with the NYSE American’s continued listing requirements. The Company’s trading symbol of “NBY” will not change as a result of the reverse stock split, however a new CUSIP number has been assigned: 66987P 300.
The effectiveness of the reverse stock split will satisfy a Company closing condition in its pending private placement transaction entered into on
The reverse stock split will reduce the number of shares of common stock issued and outstanding from approximately 64,988,364 shares to approximately 1,856,810 shares (prior to rounding). Because the reverse stock split will not reduce the number of authorized shares of common stock, the effect of the reverse stock split will be to increase the number of common shares available for issuance relative to the number of common shares issued and outstanding. The reverse stock split will not alter the par value of the Company’s common stock or modify any voting rights or other terms of the common stock.
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NovaBay Pharmaceuticals Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, but not limited to, statements that are based upon management’s current expectations, assumptions, estimates, projections and beliefs. The use of words such as, but not limited to, “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would” and similar words or expressions are intended to identify forward-looking statements. These statements include, but are not limited to, statements regarding our business strategies and prospects, expected future financial results (including our ability to continue as a going concern), the impact of the reverse stock split, and the Company’s ability to regain compliance with the continued listing requirements of the NYSE American. These statements involve 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 the forward-looking statements. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. 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 NovaBay’s latest Form 10-Q/K filings with the
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NovaBay Contact
Chief Executive Officer and General Counsel
510-899-8800
jhall@novabay.com
Investor Contact
LHA Investor Relations
310-691-7100
jcain@lhai.com
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FAQ
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