EMERYVILLE, Calif. (April 17, 2019) – NovaBay® Pharmaceuticals, Inc. (NYSE American: NBY), a biopharmaceutical company focusing on commercializing prescription Avenova® for the domestic eye care market, announces that it will hold a virtual Annual Meeting of Stockholders on Thursday, May 30, 2019 at 5:00 p.m. Pacific time. Registered holders and beneficial stockholders, who register for the meeting in advance, will be able to participate in the meeting, vote and submit questions during the meeting via a live webcast by visiting www.meetingcenter.io/263757134.
The Company also notes that on April 12, 2019 it received notice (the “Notice”) from the NYSE American LLC that it is not in compliance with Section 1003(a)(iii) of the NYSE American Company Guide requiring 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. Therefore, the Company has become subject to the procedures and requirements of Section 1009 of the NYSE American Company Guide and must submit a plan of compliance by May 12, 2019 addressing how it intends to regain compliance with Section 1003(a)(iii) of the NYSE American Company Guide by October 12, 2020. The Notice has no immediate impact on the listing of the Company’s common stock and does not affect its ongoing business operations or Securities and Exchange Commission reporting requirements.
“We continue to have the full support of our majority shareholders, as recently demonstrated by the consolidation of their holdings,” said Justin Hall, Interim President and CEO. “It’s gratifying to have their continued support, and we fully intend to submit a plan to regain compliance with NYSE American listing standards within the required time period.”
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.
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.
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 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.
Interim President and Chief Executive Officer