NovaBay Pharmaceuticals Plan of Compliance Accepted by the NYSE American
June 07 2024 - 6:50AM
Business Wire
NovaBay® Pharmaceuticals, Inc. (NYSE American: NBY) (the
“Company”) announces that the NYSE American LLC (“NYSE American”)
has accepted the Company’s plan to regain compliance with NYSE
American’s continued listing standards.
“I’m pleased to report on our forward momentum. By divesting an
unprofitable business segment earlier this year, we’re now able to
focus solely on our core competency in eyecare,” said Justin Hall,
CEO of NovaBay. “Unshackled by past burdens, we are positioned for
growth in the large U.S. eyecare market with our established,
high-quality Avenova®-branded products, effective and
cost-efficient digital marketing programs, and loyal customer base.
This is an exciting and transformative time for the Company.”
The NYSE American has reviewed NovaBay’s compliance plan and
information submitted on May 8, 2024 and determined that the
Company made a reasonable demonstration of its ability to make
substantial progress toward regaining compliance by October 18,
2025. During this time, the Company will be subject to quarterly
monitoring for compliance with the plan. If the Company does not
regain compliance with NYSE American’s listing standards by October
18, 2025, or if the Company does not make sufficient progress
consistent with its plan, then the NYSE American may initiate
delisting proceedings at that time.
As previously disclosed, the NYSE American notified the Company
on April 18, 2024 and May 28, 2024 that it was not in compliance
with the continued listing standards of the NYSE American Company
Guide. Specifically, the notifications indicated that the Company
was not in compliance with Sections 1003(a)(i), 1003(a)(ii) and
1003(a)(iii) of the Company Guide, requiring a listed company to
have a certain amount of stockholders' equity. The Company’s
receipt of such notification from NYSE American does not affect the
Company’s business operations or its reporting requirements with
the U.S. Securities and Exchange Commission.
About NovaBay Pharmaceuticals, Inc.: NovaBay’s leading
product Avenova® Antimicrobial Lid & Lash Solution is often
prescribed by eyecare professionals for blepharitis and dry-eye
disease and is available directly to consumers through online
distribution channels such as Amazon.com. It is clinically proven
to kill a broad spectrum of bacteria to help relieve the symptoms
of bacterial dry eye, yet is non-irritating and completely safe for
regular use. NovaBay offers a full portfolio of scientifically
developed products for each step of the standard dry eye treatment
regimen, including the Avenova Eye Health Support antioxidant-rich
oral supplement, Avenova Lubricating Eye Drops for instant relief,
Avenova Warm Eye Compress to soothe the eyes and the i-Chek by
Avenova to monitor physical eyelid health. The Avenova Allograft,
an amniotic tissue prescription-only product, is available through
eyecare professionals in the United States.
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 and the Company's
ability to regain compliance with the continued listing
requirements of 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 the Company’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
the Company’s latest Form 10-Q/K filings with the SEC, especially
under the heading "Risk Factors". The forward-looking statements in
this press release speak only as of this date, and the Company
disclaims any intent or obligation to revise or update publicly any
forward-looking statement except as required by law.
Socialize and stay informed on NovaBay’s progress: Like
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Visit NovaBay's Website
Avenova Purchasing
Information For NovaBay Avenova purchasing information:
Please call 800-890-0329 or email sales@avenova.com Avenova.com
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version on businesswire.com: https://www.businesswire.com/news/home/20240607334849/en/
NovaBay Justin Hall Chief
Executive Officer and General Counsel 510-899-8800
jhall@novabay.com
Investors LHA Investor
Relations Jody Cain 310-691-7100 jcain@lhai.com
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