24/7 Market News Snapshot 29 October, 2024 – NovaBay Pharmaceuticals, Inc. (NYSE:NBY)

October 29, 2024

DENVER, Colo., 29 October, 2024 (247marketnews.com) – (NYSE:NBY) are discussed in this article.
NovaBay Pharmaceuticals, Inc. (NBY) is experiencing a notable surge in its stock value, trading at approximately $0.775, marking a remarkable increase of 40.81% from its previous close of $0.550. This substantial change has garnered significant market interest, with a trading volume of 6.07 million shares, reflecting a strong investor enthusiasm. The impressive momentum is likely a response to recent developments concerning the company’s strategic direction, particularly regarding its Avenova® brand.

In a pivotal move, NovaBay’s board of directors has recognized an unsolicited offer from Refresh Acquisitions BidCo LLC as a “Superior Proposal,” which exceeds the existing asset purchase agreement with PRN Physician Recommended Nutriceuticals, LLC. Refresh’s bid is valued at up to $11.5 million, surpassing PRN’s $9.5 million offer. Moreover, the new proposal includes a secured term loan of $2.0 million, which is aimed at enhancing NovaBay’s financial flexibility.

Justin Hall, CEO of NovaBay, emphasized the board’s determination that Refresh’s offer provides superior value for stockholders and positions Avenova under experienced commercial management. The partnership with Refresh, alongside potential synergies with RVL Pharmaceuticals, internationally known for innovative products such as Upneeq®, promises to strengthen operational capabilities and enhance market opportunities.

While negotiations are underway to address the terms needed to finalize the new transaction, NovaBay remains committed to its obligations with PRN and has not rescinded its endorsement for stockholder approval of that agreement. This development underscores NovaBay’s focus on maximizing shareholder value and strengthening its innovative product offerings, ensuring continued access and effectiveness in improving patient care. The company’s strategic maneuvers reflect its dedication to leveraging opportunities that align with the best interests of all stakeholders involved.

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