NovaBay Pharmaceuticals (NBY) Seeks Stockholder Approval for Avenova Sale and Liquidation Plans
- NovaBay Pharmaceuticals will reconvene a Special Meeting of Stockholders on January 16, 2025, for critical proposals.
- 89.3% support the sale of Avenova, while 88.2% favor the liquidation proposal, needing over 50% approval.
- Stockholders are encouraged to vote and participate virtually to shape NovaBay's future direction and strategy.
NovaBay Pharmaceuticals Moves Forward with Crucial Stockholder Decisions
NovaBay Pharmaceuticals, Inc. (NYSE American: NBY) takes a significant step in its corporate strategy by reconvening a Special Meeting of Stockholders originally held on December 18, 2024, to address two pivotal proposals regarding the future of the company. The meeting is now scheduled for January 16, 2025, at 11:00 a.m. Pacific time. This adjournment allows stockholders more time to cast their votes on two critical proposals that could reshape the company’s direction: the sale of Avenova and a potential plan for liquidation and dissolution.
As the meeting approaches, the results of the voting reflect a notable interest from the stockholders, with 89.3% supporting the sale of Avenova to PRN Physician Recommended Nutriceuticals, LLC, and 88.2% in favor of the liquidation proposal. However, both proposals still require the approval of at least 50% of all outstanding shares to proceed. The Board of Directors expresses confidence that these actions will serve the best interests of NovaBay and its shareholders, a sentiment echoed by Institutional Shareholder Services (ISS), which has recommended that shareholders endorse both proposals.
The Board urges stockholders who have yet to vote to actively engage with their brokers or banks to ensure their participation in this critical decision-making process. Detailed information about these proposals is available in the Definitive Proxy Statement filed with the SEC, which outlines the implications of the decisions at hand. As the adjourned meeting draws near, the company emphasizes the importance of shareholder involvement in determining the path forward for NovaBay Pharmaceuticals.
In addition to the proposals, stockholders can participate in the adjourned meeting virtually through a specified link, utilizing a control number from their proxy cards. This move underscores NovaBay's commitment to fostering shareholder engagement and transparency during this pivotal moment.
With the clock ticking toward the January meeting, NovaBay Pharmaceuticals stands at a crossroads that could redefine its operational landscape. The outcomes of these proposals will not only affect the company’s immediate financial trajectory but will also influence its long-term strategic direction and market presence in the pharmaceutical industry.
