Follow-on sale includes 5.6 million shares, 1.4 million warrants
New York, March 20 - NovaBay Pharmaceuticals, Inc. priced a $6.72 million offering of stock and warrants after the close on Wednesday at a combined price of $1.20, according to a press release.
The company sold 5.6 million shares and 18-month warrants to purchase 1.4 million shares at $1.56 per share.
Although the stock and warrants were priced together they will be issued separately. The warrants will not be listed.
The combined price is a 5% discount to the closing stock price of $1.26 on Wednesday. The warrant strike price is a 23.8% premium to the stock price.
Laidlaw & Co. (UK) Ltd. was the underwriter for the public offering.
Proceeds will be used for working capital and general corporate purposes, including research and development, clinical trials and selling, general and administrative expenses.
NovaBay Pharmaceuticals is a clinical-stage biopharmaceutical company based in Emeryville, Calif.
| Issuer: | NovaBay Pharmaceuticals
|
| Issue: | Common stock and warrants
|
| Amount: | $6.72 million
|
| Shares: | 5.6 million
|
| Price: | $1.20
|
| Warrants: | For 1.4 million shares
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | $1.56
|
| Pricing date: | March 19, after close
|
| Settlement date: | March 25
|
| Bookrunner: | Laidlaw & Co. (UK) Ltd.
|
| Distribution: | Off shelf
|
| Stock symbol: | NYSE MKT: NBY
|
| Stock price: | $1.26 at close March 19
|
| Market capitalization: | $54 million
|
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