NovaBay Pharmaceuticals Receives NYSE American Communication
May 21 2019 - 4:05PM
Business Wire
NovaBay® Pharmaceuticals, Inc. (NYSE American: NBY), a
biopharmaceutical company focusing on commercializing prescription
Avenova® for the domestic eye care market, announces that on May
16, 2019 it received notice (the “Notice”) from the NYSE American
LLC that it is not in compliance with Sections 1003(a)(i) and
1003(a)(ii) of the NYSE American Company Guide requiring
stockholders’ equity of $2.0 million or more and $4.0 million or
more, respectively, if the Company has reported losses from
continuing operations and/or net losses in three of the four most
recent fiscal years.
According to the Exchange, this notice does not impact the
Company’s ongoing plan to regain compliance with continued listing
standards, which requires the Company to regain such compliance by
October 12, 2020 or be subject to delisting procedures. On May 11,
2019, the Company submitted its plan to regain compliance to the
Exchange, which is pending approval by the Exchange. If the NYSE
American accepts the plan, the common stock will continue to be
listed and traded on the NYSE American during that specified
period. If the Company does not regain compliance with NYSE
American listing standards, or does not make progress consistent
with the plan, the NYSE American staff may commence delisting
proceedings.
In a press release dated April 17, 2019, the Company announced
notification by the Exchange on April 12, 2019 that it was not in
compliance with 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.
“We look forward to NYSE American’s review of our plan to regain
compliance with its continued listing standards,” said Justin Hall,
Interim President and CEO. “It gratifying to report that our
majority shareholders continue to pledge their full support.”
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 StatementsThis 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 future listing on the NYSE, our ability to continue
as a going concern, 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 our
ability to remain a publicly listed company, maintain the support
of our majority shareholders, and ability to adhere to our approved
NYSE compliance plan. 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
InformationFor NovaBay Avenova purchasing
information:Please call 800-890-0329 or
email sales@avenova.com.www.Avenova.com
NovaBay ContactJustin
HallInterim President and Chief Executive
Officer510-899-8800jhall@novabay.com
Investor ContactLHA Investor
RelationsJody Cain310-691-7100jcain@lhai.com
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