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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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The founder of the World Economic Forum and CEOs of Bank of America and EY say ESG standards are the future of capitalism

The founder of the World Economic Forum and CEOs of Bank of America and EY say ESG standards are the future of capitalism







Klaus Schwab wearing a suit and tie: Klaus Schwab, founder and president of the World Economic Forum, WEF, championed the Big Four's new ESG framework. Salvatore Di Nolfi/Keystone via AP


© Salvatore Di Nolfi/Keystone via AP
Klaus Schwab, founder and president of the World Economic Forum, WEF, championed the Big Four’s new ESG framework. Salvatore Di Nolfi/Keystone via AP

  • On a Wednesday video conference call, Klaus Schwab, founder of the World Economic Forum, joined Bank of America CEO Brian Moynihan, and EY CEO Carmine Di Sibio to talk about the future of environmental, social, and governance standards (ESGs). 
  • Schwab said ESG standards are not a fad, and Monynihan and Di Sibio expressed hopes that more companies would adopt the newly created ESG framework. 
  • The ESG standards may become mandatory in the future, Moynihan and Di Sibio said. 
  • Visit Business Insider’s homepage for more stories.

On a video conference call Wednesday, Klaus Schwab, founder of the World Economic Forum said environmental, social, and governance standards (ESGs) will be the next step in driving stakeholder capitalism: the notion that a company is responsible to all its stakeholders, including its employees, customers, and the environment. 

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“ESGs and stakeholder capitalism are not a fad. It’s not a manifestation of business leaders to showcase their corporate social responsibility. ESGs are an integral part of business management,” Schwab said in the call hosted by Diligent Corporation. 

ESG standards are a set of criteria used to measure a company’s performance on things such as how the company is impacting the environment (like its amount of toxic emissions), how it manages relationships with its employees (does it encourage employees to volunteer), and how the company runs internally (boardroom diversity). 

The call follows a September 22 announcement by executives from the so called “Big Four” accounting firms — Deloitte, PwC, EY, and KPMG — on a new reporting framework for ESGs. A reporting framework helps companies assess their compliance to a set of metrics and report it

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