NovaBay Receives Notification Of Noncompliance With Additional NYSE American Continued Listing Standards
Published: Sep 20, 2017
EMERYVILLE, Calif.--(BUSINESS WIRE)--NovaBay® Pharmaceuticals, Inc. (NYSE American: NBY) announces receipt of a letter from NYSE American LLC (“NYSE American” or the “Exchange”) on September 14, 2017 stating that it is not in compliance with the continued listing standard set forth in Section 1003(a)(ii) of the NYSE American Company Guide (“Company Guide”) requiring stockholders’ equity of $4.0 million or more if the Company has reported losses from continuing operations and/or net losses in three of the four most recent fiscal years.
As reported on a Form 8-K filed on May 19, 2017, the Company was previously notified by NYSE American on May 16, 2017 that the Company was not in compliance with the continued listing standard requiring stockholders’ equity of $6.0 million or more if the Company has reported losses from continuing operation and/or net losses in its five most recent fiscal years as set forth in Section 1003(a)(iii) of the Company Guide.
NovaBay Pharmaceuticals submitted a plan of compliance to NYSE American on June 15, 2017, addressing how it intends to regain compliance with Section 1003(a)(iii) of the Company Guide by May 16, 2018. On June 29, 2017, the Company was notified by NYSE American that the Company’s plan to regain compliance was accepted subject to periodic review by NYSE American for compliance with initiatives set forth in the plan. If the Company is not in compliance with the continued listing standards by May 16, 2018, or if the Company does not make progress consistent with the plan during the period, the NYSE Regulation staff may initiate delisting proceedings.
About NovaBay Pharmaceuticals, Inc.: Going Beyond Antibiotics®
NovaBay Pharmaceuticals, Inc. is a biopharmaceutical company focusing on commercializing and developing its non-antibiotic anti-infective products to address the unmet therapeutic needs of the global, topical anti-infective market with its two distinct product categories: the NEUTROX® family of products and the AGANOCIDE® compounds. The Neutrox family of products includes AVENOVA® for the eye care market, NEUTROPHASE® for wound care market, and CELLERX® for the aesthetic dermatology market. The Aganocide compounds, still under development, have target applications in the dermatology and urology markets.
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