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