NovaBay Pharmaceuticals Regains Compliance with NYSE American Listing Standards
October 12 2020 - 6:50AM
Business Wire
NovaBay® Pharmaceuticals, Inc. (NYSE American: NBY) announces it
believes that it has regained full compliance with the NYSE
American’s continued listing standards, subject to NYSE American’s
formal confirmation that the Company has regained compliance after
the Company files its Quarterly Report on Form 10-Q for the quarter
ended September 30, 2020.
“I’m proud of our ability to meet and maintain the NYSE
American’s listing standards, which is important to our Company and
our shareholders,” said Justin Hall, NovaBay CEO. “We regained
compliance with the listing requirements by successfully completing
several financings including the exercise of warrants that also
reduced our debt and simplified our capital structure. With these
financings completed, we have strengthened our balance sheet and
improved our position to support future growth.”
As previously disclosed, the Company was notified by NYSE
American on April 12, 2019 that it was not in compliance with the
NYSE American’s continued listing standards including the minimum
stockholders’ equity requirement of Section 1003(a)(iii) of the
NYSE American Company Guide requiring stockholders’ equity of $6.0
million or more if the Company has reported losses from continuing
operations and/or net losses in its five most recent fiscal years.
The Company was given until October 12, 2020 to come back into full
compliance. As required by NYSE American, the Company also
continues to remain above the “low price per share” (which is
generally considered to be $0.20 per share per NYSE American
policy).
NovaBay also announced that it has applied to the Ontario
Securities Commission (the “OSC”) for an order to cease to be a
reporting issuer under applicable securities laws in certain
Canadian jurisdictions, including British Columbia, Alberta,
Manitoba and Ontario (the “Jurisdictions”). The Company became a
reporting issuer in the Jurisdictions in connection with its
initial public offering in October 2007 in order to offer and sell
its common stock to Canadian residents. The Company is making such
application as part of its general and administrative expense
reduction initiatives.
If the requested order is granted by the OSC, the Company will
no longer be a reporting issuer in any jurisdiction of Canada and
will no longer be required to file financial statements and other
documents in Canada pursuant to Canadian securities law. However,
the Company will continue to file all financial statements and
other materials required to be filed in accordance with the
applicable laws of the U.S. Securities and Exchange Commission
(SEC) and the rules of the NYSE American, where the Company is
listed.
Canadian resident security holders will continue to have access
to all financial statements and other documents required to be
filed publicly by the Company on the Company’s website,
www.novabay.com or at www.sec.gov. An order by the OSC granting
NovaBay’s application will not affect the Company’s NYSE American
listing.
About NovaBay Pharmaceuticals, Inc.: Going Beyond
Antibiotics®
NovaBay Pharmaceuticals, Inc. is a biopharmaceutical company
focusing on commercializing and developing its non-antibiotic
anti-infective products to address the unmet therapeutic needs of
the global, topical anti-infective market with its two distinct
product categories: the NEUTROX® family of products and the
AGANOCIDE® compounds. The Neutrox family of products includes
AVENOVA® for the eye care market, NEUTROPHASE® for wound care
market, and CELLERX® for the aesthetic dermatology market. The
Aganocide compounds, still under development, have target
applications in the dermatology and urology markets.
Forward-Looking Statements
This release contains forward-looking statements that are based
upon management’s current expectations, assumptions, estimates,
projections and beliefs. These statements include, but are not
limited to, statements regarding our NYSE American listing status,
our future momentum and generally the Company’s expected future
financial results. 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 the forward-looking statements.
Factors that might cause or contribute to such differences include,
but are not limited to, risks and uncertainties relating to NYSE
American’s formal review and confirmation that we have regained
compliance with NYSE American’s listing standards and our ability
to remain a publicly listed company by complying with all NYSE
American listing standards including maintaining the minimum
stockholder’ equity in the future. 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 Securities and Exchange Commission,
especially under the heading “Risk Factors.” The forward-looking
statements in this release speak only as of this date, and NovaBay
disclaims any intent or obligation to revise or update publicly any
forward-looking statement except as required by law.
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Avenova Purchasing
Information For NovaBay Avenova purchasing information:
Please call 800-890-0329 or email sales@avenova.com.
www.Avenova.com
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version on businesswire.com: https://www.businesswire.com/news/home/20201012005103/en/
NovaBay Contact Justin Hall
Chief Executive Officer and General Counsel 510-899-8800
jhall@novabay.com
Investor Contact LHA
Investor Relations Jody Cain 310-691-7100 jcain@lhai.com
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