NovaBay Pharmaceuticals changes name to Stablecoin Development Corp

NovaBay Pharmaceuticals Inc. (NYSE American: NBY) announced it will change its corporate name to Stablecoin Development Corporation and its ticker symbol to SDEV on the NYSE American, with the change expected to take effect April 3, 2026.

The company reported holding approximately 2.06 billion SKY tokens as of March 16, 2026, representing about 8.78% of the total SKY token supply. The company has earned approximately 26.6 million SKY tokens in cumulative staking rewards since beginning on-chain staking activities.

In January 2026, the company completed a $134 million private placement with R01 Fund LP, Framework Ventures L.P., Tether Investments S.A. de C.V., and Sky Frontier Foundation. As part of this transaction, the company received approximately 943.6 million SKY tokens valued at about $58 million, along with $25 million in cash and $51 million in stablecoins.

Since the private placement closed, Stablecoin Development Corporation has acquired approximately 1.09 billion additional SKY tokens on the open market using $70.7 million from the placement proceeds, at an average purchase price of about $0.065 per SKY token.

"We are building the premier public market vehicle to access cash flows within the growing stablecoin economy," said Michael Kazley, Chief Executive Officer. "The name change to Stablecoin Development Corporation reflects our conviction that stablecoins represent the most compelling structural opportunity in digital finance."

The company has adopted what it calls an on-chain holding company framework focused on long-duration participation in protocol-level digital asset ecosystems. SKY is currently the only digital asset approved under the company's operating framework.

The warrants issued in the private placement become exercisable in sequential tranches over an extended period, with a weighted-average delay of approximately 9.9 months before all underlying shares could become eligible for issuance.

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