Agent Roth Capital Partners assists in financing corporate purposes
By Devika Patel
Knoxville, Tenn., June 29 - NovaBay Pharmaceuticals, Inc. said it will raise $5.16 million in a best-efforts public offering of units.
The company will sell 4,650,675 units of one common share and a warrant for 0.75 shares at $1.11 apiece. The whole warrants are exercisable at $1.33 for five years. The strike price reflects a 19.82% premium to the June 28 closing share price of $1.11.
Roth Capital Partners, LLC is the agent. Maxim Group LLC, Griffin Securities Inc. and LifeTech Capital are financial advisors.
Settlement is expected July 5.
Proceeds will be used for general corporate purposes, including clinical trial expenses, research and development expenses and general and administrative expenses.
The clinical-stage biopharmaceutical company is based in Emeryville, Calif.
| Issuer: | NovaBay Pharmaceuticals, Inc.
|
| Issue: | Units of one common share and a warrant for 0.75 shares
|
| Amount: | $5,162,249
|
| Units: | 4,650,675
|
| Price: | $1.11
|
| Warrants: | One warrant for 0.75 shares per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.33
|
| Agents: | Roth Capital Partners, LLC
|
| Pricing date: | June 29
|
| Settlement date: | July 5
|
| Stock symbol: | Amex: NBY
|
| Stock price: | $1.11 at close June 28
|
| Market capitalization: | $24.39 million
|
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