24/7 Market News Snapshot 20 September, 2024 – NovaBay Pharmaceuticals, Inc. (NYSE:NBY)

September 20, 2024

DENVER, Colo., 20 September, 2024 (247marketnews.com) – (NYSE:NBY) are discussed in this article.
NovaBay Pharmaceuticals, Inc. is currently experiencing a significant surge in market activity, with its shares trading at $0.863—an impressive increase of 73.68% from the previous close. This bullish movement has captured the attention of investors, evidenced by a trading volume of 6.36 million shares, suggesting strong buying interest and positive sentiment surrounding the stock. The latest developments at NovaBay, particularly a strategic asset sale, may be fueling this trend as market participants anticipate further gains.

In a notable announcement, NovaBay has entered into a definitive asset purchase agreement with PRN Physician Recommended Nutriceuticals, LLC, to sell its Avenova® brand and business for $9.5 million in cash. This transaction, expected to close in the fourth quarter of 2024, remains subject to customary conditions including stockholder approval. Justin Hall, CEO of NovaBay, expressed his enthusiasm for this deal, which he believes will allow stockholders to fully realize the value created over the past decade with the Avenova brand.

The board of directors, alongside independent financial and legal advisors, has conducted a thorough evaluation, underscoring their commitment to act in the best interests of the Company and its shareholders. The sale will facilitate the dissolution of any remaining assets and obligations while aiming to distribute available proceeds effectively.

Avenova® is well-regarded in the eyecare market as an effective Lid & Lash Cleansing Spray, recommended by professionals for treating conditions such as blepharitis and dry eye disease. The partnership with PRN is expected to enhance Avenova’s market presence by leveraging PRN’s extensive network of over 5,000 eyecare professionals. As NovaBay navigates this new phase, the focus remains on unlocking value for stakeholders while propelling the continued growth of the Avenova brand.

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