NovaBay® Pharmaceuticals, Inc. NBY, a biopharmaceutical company focusing on commercializing prescription Avenova® for the domestic eye care market, announces that on May 16, 2019 it received notice (the "Notice") from the NYSE American LLC that it is not in compliance with Sections 1003(a)(i) and 1003(a)(ii) of the NYSE American Company Guide requiring stockholders' equity of $2.0 million or more and $4.0 million or more, respectively, if the Company has reported losses from continuing operations and/or net losses in three of the four most recent fiscal years.
According to the Exchange, this notice does not impact the Company's ongoing plan to regain compliance with continued listing standards, which requires the Company to regain such compliance by October 12, 2020 or be subject to delisting procedures. On May 11, 2019, the Company submitted its plan to regain compliance to the Exchange, which is pending approval by the Exchange. 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.
In a press release dated April 17, 2019, the Company announced notification by the Exchange on April 12, 2019 that it was not in compliance with 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.
"We look forward to NYSE American's review of our plan to regain compliance with its continued listing standards," said Justin Hall, Interim President and CEO. "It gratifying to report that our majority shareholders continue to pledge their full support."
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.
Forward-Looking Statements
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.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20190521005251/en/
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