Transaction Information
NovaBay Pharmaceuticals, Inc. (NBY) announced it has entered into a Securities Purchase Agreement with certain institutional investors in connection with a private placement of 15,000 shares of a newly created Series B Non-Voting Convertible Preferred Stock (the "Series B Preferred Stock") at a price of $1,000 per share and warrants exercisable to purchase up to an aggregate of 37,500,000 shares of common stock at an exercise price of $0.53 per share (the "Warrants"). NovaBay expects to receive gross proceeds from the private placement of approximately $15.0 million.
On September 28, 2021, NovaBay announced that it had entered into a definitive agreement to acquire DERMAdoctor, LLC ("DERMAdoctor"), and that the consummation of this acquisition transaction was subject to NovaBay completing a financing to raise capital sufficient to fund the purchase price for this acquisition, as well as the satisfaction of other closing conditions of the parties. NovaBay intends to use the net proceeds received from the offering to partially fund the purchase price to acquire DERMAdoctor, and for working capital purposes.
Ladenburg Thalmann & Co. Inc. acted as the exclusive placement agent in connection with the offering.
About NovaBay Pharmaceuticals, Inc.
NovaBay Pharmaceuticals, Inc. is a pharmaceutical company focusing on high-quality, differentiated, anti-infective consumer products: Avenova®, the premier antimicrobial lid and lash spray, CelleRx® Clinical Reset, a breakthrough product in the beauty category, and NeutroPhase® Skin and Wound Cleanser for wound healing. NovaBay's products are formulated with its patented, pure, stable, pharmaceutical grade hypochlorous acid that replicates the antimicrobial chemicals used by white blood cells to fight infection. NovaBay's hypochlorous acid products do not cause stinging or irritation, are non toxic and non-sensitizing, making them completely safe for regular use. Avenova is the only commercial hypochlorous acid lid and lash spray product clinically proven to reduce bacterial load on ocular skin surfaces, thus effectively addressing the underlying cause of bacterial dry eye. For more information, please visit www.novabay.com.
The information and material presented is provided for informational purposes only and are not to be used or considered as an offer or the solicitation of an offer to sell or buy any securities mentioned herein.