Lazard Capital Markets helps fund working capital, corporate purposes
By Devika Patel
Knoxville, Tenn., Dec. 6 - NovaBay Pharmaceuticals, Inc. said it priced a $7.38 million public offering of stock. The deal was announced Wednesday and has a $3.15 million greenshoe.
The company will sell 5.9 million common shares at $1.25 per share.
Investors will also receive warrants for 4,425,000 shares. The warrants are each exercisable at $1.50 for one year.
The strike price is a 7.91% premium to the Dec. 5 closing share price of $1.39. The price per share is a 10.07% discount to that price. The shares and warrants will be issued separately.
Lazard Capital Markets LLC is the sole bookrunning manager.
Settlement is expected Dec. 11.
Proceeds will be used for working capital and general corporate purposes, including research and development, clinical trials and selling and general and administrative expenses.
NovaBay Pharmaceuticals is a biotechnology company focused on addressing therapeutic needs of the anti-infective market.
| Issuer: | NovaBay Pharmaceuticals, Inc.
|
| Issue: | Common stock
|
| Amount: | $7,375,000
|
| Greenshoe: | $3.15 million
|
| Shares: | 5.9 million
|
| Price: | $1.25
|
| Warrants: | For 4,425,000 shares
|
| Warrant expiration: | One year
|
| Warrant strike price: | $1.50
|
| Bookrunner: | Lazard Capital Markets LLC
|
| Co-lead manager: | ROTH Capital Partners, LLC
|
| Announcement date: | Dec. 5
|
| Pricing date: | Dec. 6
|
| Settlement date: | Dec. 11
|
| Stock symbol: | Amex NBY
|
| Stock price: | $1.39 at close Dec. 5
|
| Market capitalization: | $35.21 million
|
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