NBY - NovaBay Pharmaceuticals down 18% on $3M convertible notes financing

2023-04-28 03:18:23 ET

• NovaBay Pharmaceuticals ( NYSE: NBY ) has entered into a securities purchase agreement with institutional investors in connection with a private placement to issue secured senior convertible debentures and two series of new warrants exercisable for stock.
• Net proceeds received from the offering for working capital and general corporate purposes.
• The debentures issued in the private placement will have a $3.3M aggregate principal amount and be convertible into shares at a conversion price of $1.30.
• Closing expected to occur on or about May 1, 2023.
• The stock price slumped 18% on Thursday late hours.

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