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NovaBay Pharmaceuticals Regains Compliance with NYSE American Listing Standards

NovaBay Pharmaceuticals Regains Compliance with NYSE American Listing Standards

NovaBay® Pharmaceuticals, Inc. (NYSE American: NBY) announces it believes that it has regained full compliance with the NYSE American’s continued listing standards, subject to NYSE American’s formal confirmation that the Company has regained compliance after the Company files its Quarterly Report on Form 10-Q for the quarter ended September 30, 2020.

“I’m proud of our ability to meet and maintain the NYSE American’s listing standards, which is important to our Company and our shareholders,” said Justin Hall, NovaBay CEO. “We regained compliance with the listing requirements by successfully completing several financings including the exercise of warrants that also reduced our debt and simplified our capital structure. With these financings completed, we have strengthened our balance sheet and improved our position to support future growth.”

As previously disclosed, the Company was notified by NYSE American on April 12, 2019 that it was not in compliance with the NYSE American’s continued listing standards including 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. The Company was given until October 12, 2020 to come back into full compliance. As required by NYSE American, the Company also continues to remain above the “low price per share” (which is generally considered to be $0.20 per share per NYSE American policy).

NovaBay also announced that it has applied to the Ontario Securities Commission (the “OSC”) for an order to cease to be a reporting issuer under applicable securities laws in certain Canadian jurisdictions, including British Columbia, Alberta, Manitoba and Ontario (the “Jurisdictions”). The Company became a reporting issuer in the Jurisdictions in connection with its initial public offering in October 2007 in order

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Citadel Securities to buy NYSE market-making unit of rival IMC Financial Markets

Citadel Securities to buy NYSE market-making unit of rival IMC Financial Markets

Electronic trading giant Citadel Securities will bolster its already huge presence at the New York Stock Exchange by buying the NYSE market-making business of smaller rival IMC Financial Markets, the companies said.

The deal would solidify Citadel Securities’ status as the largest designated market maker at the exchange. DMM firms are tasked with ensuring orderly trading of stocks listed on the NYSE. They gain certain trading privileges in return, and their blue-jacketed traders occupy a prominent position in the center of the exchange’s historic trading floor.

The deal is subject to approval by the NYSE. If it is completed, Citadel Securities would oversee trading for more than half of the securities listed on the exchange. It would also reduce the number of DMM firms at the Big Board to three from four, potentially raising concerns that the DMM business is becoming overly concentrated.

IMC, a global trading firm based in Amsterdam, runs the third-largest DMM business at the NYSE. Earlier this year, it oversaw trading in 18% of NYSE-listed stocks, while Citadel Securities had a 44% share, according to a NYSE spreadsheet viewed by The Wall Street Journal. The spreadsheet listed DMM assignments for more than 3,000 securities, including closed-end funds and preferred shares as well as the common stock of NYSE-listed companies.

An expanded version of this report appears at WSJ.com.

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Citadel Securities to Buy NYSE Market-Making Unit From IMC

Citadel Securities to Buy NYSE Market-Making Unit From IMC

(Bloomberg) — Citadel Securities plans to buy the market-making unit of smaller rival IMC Financial Markets, expanding its presence at the New York Stock Exchange.



a screen shot of a video game: NEW YORK, NEW YORK - MARCH 20: Traders work on the floor of the New York Stock Exchange (NYSE) on March 20, 2020 in New York City. Trading on the floor will temporarily become fully electronic starting on Monday to protect employees from spreading the coronavirus. The Dow fell over 500 points on Friday as investors continue to show concerns over COVID-19. (Photo by Spencer Platt/Getty Images)


© Photographer: Spencer Platt/Getty Images North America
NEW YORK, NEW YORK – MARCH 20: Traders work on the floor of the New York Stock Exchange (NYSE) on March 20, 2020 in New York City. Trading on the floor will temporarily become fully electronic starting on Monday to protect employees from spreading the coronavirus. The Dow fell over 500 points on Friday as investors continue to show concerns over COVID-19. (Photo by Spencer Platt/Getty Images)

The deal would shore up Citadel Securities’ position as the largest floor broker on the exchange, according to a statement. Terms weren’t disclosed.

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Citadel Securities, which oversees daily trading in more than 1,500 NYSE-listed securities, is among the designated market-makers responsible for ensuring that trading runs smoothly from the floor of the exchange.

Once run by Wall Street banks, the floor broker posts on the Big Board have been taken over by high-speed trading firms in recent years. Citadel Securities purchased its designated market-maker business in 2016.

Though the U.S. stock market is almost entirely electronic, NYSE touts its floor brokers as a key ingredient in keeping trading orderly and less volatile.

“We are thrilled to further extend our presence at the New York Stock Exchange,” Joe Mecane, head of execution services for Citadel Securities, said in the statement.

The Wall Street Journal reported the preliminary agreement earlier Thursday.

(Updates with background comments starting in fourth paragraph.)

For more articles like this, please visit us at bloomberg.com

©2020 Bloomberg L.P.

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Lufax Holdings Looks To Capitalize On Ant Group’s Fintech Interest With An NYSE Listing

Lufax Holdings Looks To Capitalize On Ant Group’s Fintech Interest With An NYSE Listing

Key News

Asian equities were largely higher on light volumes, though the 50 stock Hang Seng Index was off a touch/-0.2% after rising off its intra-day low of -0.9%. The broader Hang Seng Composite gained +0.3% and the 204 Chinese companies listed in Hong Kong within the MSCI
MSCI
China All Shares Index gained +0.35%. Volumes have been anemic during the Chinese holiday, though things should pick up tomorrow as Shanghai & Shenzhen come back online. US-listed Chinese A-share ETFs are anticipating a healthy +3% open for the Mainland market tonight.

There was another quiet night in Hong Kong as the US focuses on the election and stimulus. Hong Kong volume leaders were Alibaba
BABA
Hong Kong, which gained +0.49%, Tencent, which was unchanged, Xiaomi, which fell -3.92%, Meituan Dianping, which fell -0.37%, BYD, which rose +5.94%, Sunny Optical, which rose +2.87% on the coming Apple
AAPL
release, Ping An Insurance, which gained +0.38% after Lufax Holdings, backed by Ping An Insurance, filed for a US listing, and JD.com Hong Kong, which was off a James Bond -0.07%. Macau gaming stocks were off as the Golden Week was less than Golden, based on weak visitor data due to coronavirus travel restrictions. Things should pick up tonight with Stock Connect, Shanghai, and Shenzhen reopening, though I predict volumes will really pick up next week. 

Mid-day yesterday, we had the announcement that the US would target Chinese mobile

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