NovaBay Pharma (NBY) Regains NYSE Listing Compliance
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NovaBay® Pharmaceuticals, Inc. (NYSE: NBY) announced that it has regained compliance with the NYSE MKT continued listing standards.
“Our NYSE listing is important as it creates a heightened profile for our stock and improves our ability to attract high-quality investors,” said Mark M. Sieczkarek, NovaBay’s Chairman, President and CEO. “We are delighted to have executed on our plan to regain compliance and to work with NYSE representatives in maintaining our listing.”
On April 28, 2015, NovaBay received notice that the Company was out of compliance with Section 1003(a) (i) of the NYSE MKT Company Guide pertaining to shareholder equity requirements. Since then, through a series of financings, the company has been able to raise more than $30 million to regain compliance and maintain its listing on the exchange.
“The recently announced $6 million of warrant exercises and the previous $24 million that we raised over the past 18 months provide us with a strong balance sheet and the financial stability to maintain our liquidity,” said Sieczkarek. “The listing is important to our longer-term growth and provides us with the needed exposure to the public markets. Funds from our recent financing and the exercise of warrants were key in meeting the NYSE MKT requirements and we thank our investors and Board members for their ongoing confidence and financial support. Our improved capital structure will support our commercial activities aimed at growing Avenova® sales and we are increasingly confident in our ability to reach positive adjusted cash flow from operations by the end of December 2016.”
NovaBay defines adjusted cash flow from operations as GAAP cash flow from operations less changes in operating assets and liabilities.
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