NBY - NovaBay Pharma announces 1-for-35 reverse stock split

• NovaBay Pharmaceuticals ( NYSE: NBY ) announced that the company’s common stock would start trading on a split-adjusted basis on Nov. 15 after the closing bell following a 1-for-35 reverse stock split.
• Accordingly, every 35 shares of NBY’s outstanding common stock and every 35 shares held in treasury will convert to one such unit.
• There will be no decline in the company’s authorized shares of common stock or authorized shares of preferred stock, or the par value of shares.
• Following the reverse stock split, the number of shares of NBY’s common stock will drop to ~1.9M from ~64.0M.
• The decision comes after the company’s shareholders approved an amendment to NBY’s Certificate of Incorporation to reflect the reverse stock split during a special stockholders’ meeting on Nov. 10.
• NovaBay ( NBY ) said that the reverse stock split is one of the conditions the company had to comply with to close its pending private placement transaction.

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