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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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Market Regains Footing On Hopes Of More Stimulus

Market Regains Footing On Hopes Of More Stimulus

Market Regains Its Footing

“Live by the sword, die by the sword.” – Matthew 26, 26:52

Such was the lesson quickly retaught to President Trump when we decided to halt stimulus talks on Tuesday, sending the market careening into the red. By Wednesday, Trump quickly reversed and has been talking up more stimulus all week.

The inherent problem of tying your Presidency to the stock market is that it’s all fine until it isn’t. The market crash in December of 2018, and again in March 2020, should have been a wakeup call. Unfortunately, it wasn’t, and now valuations, deviations for long-term means, and speculation have increased risk significantly.

Also, while more stimulus may be a great short-term “fix” for the economy, and ultimately the market when the Federal Reserve monetized the debt issuance, as discussed in this week’s #MacroView:

“More debt doesn’t lead to stronger rates of economic growth or prosperity. Since 1980, the overall increase in debt has surged to levels that currently usurp the entirety of economic growth. With economic growth rates now at the lowest levels on record, the change in debt continues to divert more tax dollars away from productive investments into the service of debt and social welfare.”

Nonetheless, the market rallied on what is for now “hope” of more stimulus. There is still no deal on Capitol Hill, and the parties are still far apart primarily on funding for states and municipalities.

Market Regains Its Footing

As I penned last week, we were expecting a rally this week.

“Notably, while the rally that we have witnessed from the recent lows has eaten up a fair bit of the previous oversold condition, the MACD “buy signal” was triggered on Friday. Such suggests that we could see some additional buying next week.”

The market did indeed

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