NovaBay Pharmaceuticals, Inc. (NYSEMKT:NBY) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of ListingItem 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On May 16, 2017, NovaBay Pharmaceuticals, Inc. (the “Company”) was notified by the NYSE MKT that the Company is not in compliance with Section 1003(a)(iii) of the NYSE MKT 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 MKT Company Guide and must submit a plan of compliance by June 15, 2017 addressing how it intends to regain compliance with Section 1003(a)(iii) of the NYSE MKT Company Guide. As of March 31, 2017, the Company had stockholders’ equity of $4.4 million.
The Company intends to submit a plan to regain compliance with NYSE MKT listing standards. If the Company does not regain compliance with those standards, or does not make progress consistent with the plan, the NYSE MKT staff may commence delisting proceedings. The Company’s common stock will continue to be listed on the NYSE MKT during the plan period.
About NovaBay Pharmaceuticals, Inc. (NYSEMKT:NBY)
NovaBay Pharmaceuticals, Inc., formerly NovaCal Pharmaceuticals, Inc., is a biopharmaceutical company, which develops products for the eye care market. The Company focuses on commercializing prescription Avenova for managing hygiene of the eyelids and lashes in the United States. Avenova is an eye care product formulated with a form of hypochlorous acid called Neutrox. Its Avenova with Neutrox removes debris from the skin on the eyelids and lashes without burning or stinging. It develops additional products containing Neutrox, including its NeutroPhase Skin and Wound Cleanser for wound care and CelleRx for the dermatology market. Its Aganocide compounds, led by auriclosene (NVC-422), are synthetic molecules with activity against bacteria, viruses and fungi. The Company’s dermatology product includes CelleRx, a cleansing solution for post laser resurfacing, chemical peels and other cosmetic surgery procedures. Its wound care business includes the business of NeutroPhase product. NovaBay Pharmaceuticals, Inc. (NYSEMKT:NBY) Recent Trading Information
NovaBay Pharmaceuticals, Inc. (NYSEMKT:NBY) closed its last trading session down -0.05 at 2.85 with 6,962 shares trading hands.