EMERYVILLE, Calif.—NovaBay Pharmaceuticals (NYSE MKT: NBY) was notified last week by NYSE MKT, the New York Stock Exchange's market for small-cap companies, that it is not in compliance with the Exchange’s continued listing standards.

According to the NYSE MKT Company Guide, a company listed on the Exchange must have stockholders’ equity of $6.0 million or more if it has reported losses from continuing operations and/or net losses in its five most recent fiscal years. In order to maintain its listing, NovaBay must submit a compliance plan by June 15, 2017, that addresses how it intends to regain compliance within the Company Guide.

NovaBay said in a statement it intends to submit a plan to regain compliance with NYSE MKT listing standards. If the plan is not accepted, delisting proceedings will begin.

If the plan is accepted, NovaBay’s common stock will continue to be listed on the NYSE MKT during the plan period. However, if NovaBay does not regain compliance with those standards or does not make progress consistent with the plan, the NYSE MKT staff may commence delisting proceedings.