In This Article:
Stockholders as of the March 18, 2025 record date will be entitled to vote
Company engages financial advisor to explore strategic options should stockholders fail to approve the dissolution proposal
EMERYVILLE, Calif., March 07, 2025--(BUSINESS WIRE)--NovaBay® Pharmaceuticals, Inc. (NYSE American: NBY) ("NovaBay" or the "Company") announces it will hold a virtual Special Meeting on April 16, 2025, at which stockholders will vote on a proposal for the liquidation and dissolution of the Company under Delaware law, pursuant to the Plan of Complete Liquidation and Dissolution of the Company (the "Dissolution"). The Special Meeting was announced in a preliminary proxy statement on Schedule 14A filed with the Securities and Exchange Commission ("SEC") on February 18, 2025 (the "Preliminary Proxy Statement"). Holders of NovaBay’s common stock as of the record date, March 18, 2025, will be entitled to vote at the Special Meeting.
"Given our past voting challenges, we cannot be assured of obtaining stockholder approval for the Dissolution proposal at our upcoming Special Meeting. To that end, we have engaged a financial advisor to explore additional strategic options," said Justin Hall, NovaBay CEO. "While we go through the process of holding another Special Meeting, we are also considering other strategic alternatives – such as mergers, reverse mergers, strategic partnerships, and licensing and sub-licensing transactions – to ensure we have multiple paths forward regardless of the outcome at the Special Meeting in April."
Approval of the Dissolution proposal authorizes the Company to liquidate and dissolve in accordance with the Plan of Dissolution at the discretion of the Board of Directors. Approval of the proposal requires the affirmative vote of a majority of the outstanding shares of NovaBay’s common stock. At the previous special meeting of stockholders originally convened on November 16, 2024, as subsequently adjourned and finally reconvened on January 30, 2025, approximately 49% of all outstanding shares of common stock voted in favor of the Dissolution proposal; however, this proposal did not quite exceed the 50% threshold of favorable votes of all outstanding shares of common stock required for its approval.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. These forward-looking statements are based upon the Company and its management’s current expectations, assumptions, estimates, projections and beliefs. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or achievements to be materially different and adverse from those expressed in, or implied by, these forward-looking statements. Other risks relating to NovaBay’s business, including risks that could cause results to differ materially from those projected in the forward-looking statements in this press release, are detailed in the Company’s latest Form 10-K, subsequent Forms 10-Q and/or Form 8-K filings with the SEC and the Preliminary Proxy Statement filed with the SEC on February 18, 2025, especially under the heading "Risk Factors." The forward-looking statements in this release speak only as of this date, and the Company disclaims any intent or obligation to revise or update publicly any forward-looking statement except as required by law.