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NovaBay PharmaceuticalsInc.
NBY announced that it has entered into definitive
subscription agreements with investors, including a select number of
institutional investors, pursuant to a registered direct offering for the sale
of units consisting of one share of common stock and one warrant to
purchase 0.75 of a share of common stock (or a total of 3,488,005 shares), at
a purchase price of $1.11 per unit.
The warrants will be exercisable 180 days
after issuance at $1.33 per share and will expire five years from the date of
issuance. The shares of common stock and warrants are immediately separable
and will be issued separately. There is not expected to be a public trading
market for the units or the warrants.
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