NovaBay Pharmaceuticals Regains Compliance With NYSE American Listing Standards

By
More Images
EMERYVILLE, Calif.—NovaBay Pharmaceuticals (NYSE American: NBY) announced 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 it files its Quarterly Report on Form 10-Q for the quarter ended Sept. 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, NovaBay 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.

NovaBay was given until Oct.12, 2020 to come back into full compliance. As required by NYSE American, NovaBay 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 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 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 said it is making the application as part of its general and administrative expense reduction initiatives.