Deal sells common shares with five-year warrants through Roth Capital
By Devika Patel
Knoxville, Tenn., Oct. 23 – NovaBay Pharmaceuticals, Inc. priced a $2.46 million public offering of stock with a $2.25 million greenshoe, according to a Form S-1/A filed Friday with the Securities and Exchange Commission. The deal was announced Thursday.
The company will sell 12.3 million common shares at $0.20 per share.
Investors will also receive warrants for 11.07 million shares. The warrants are each exercisable at $0.20 for five years. The strike price and price per share is a 37.5% discount to the Oct. 22 closing share price of $0.32.
The shares and warrants will be issued separately. Each investor will receive a warrant for 0.9 share for every share purchased.
Roth Capital Partners is the bookrunner.
Settlement is expected Oct. 27.
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, Inc.
|
| Issue: | Common stock
|
| Amount: | $2.46 million
|
| Greenshoe: | $2.25 million, or 750,000 shares and 450,000 warrants
|
| Shares: | 12.3 million
|
| Price: | $0.20
|
| Warrants: | For 11.07 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.20
|
| Bookrunner: | Roth Capital Partners
|
| Announcement date: | Oct. 22
|
| Pricing date: | Oct. 23
|
| Settlement date: | Oct. 27
|
| Stock symbol: | NYSE: NBY
|
| Stock price: | $0.32 at close Oct. 22
|
| Market capitalization: | $12.16 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
