Agent Roth Capital Partners assists in financing corporate purposes
By Marisa Wong
Madison, Wis., July 5 - NovaBay Pharmaceuticals, Inc. announced that it closed a registered direct offering of units on Tuesday. The company sold 4,650,675 units for gross proceeds of $5.16 million.
Each unit consists of one common share and one warrant to purchase three-quarters of a common share, or a total of 3,488,005 shares. The units were sold at $1.11 each. The warrants will be exercisable 180 days after issuance at $1.33 per share and will expire five years from the date of issuance.
The strike price reflects a 19.82% premium to the June 28 closing share price of $1.11.
Roth Capital Partners was the placement agent for the transaction. Maxim Group LLC, Griffin Securities Inc. and LifeTech Capital acted as financial advisers.
Proceeds will be used for general corporate purposes, including clinical trial expenses, research and development expenses and general and administrative expenses.
NovaBay is an Emeryville, Calif.-based company that develops biotechnology used for dermatology, ophthalmology, urology and hospital infections.
| Issuer: | NovaBay Pharmaceuticals, Inc.
|
| Issue: | Units of one common share and a warrant for three-quarters of a share
|
| Amount: | $5,162,249.25
|
| Units: | 4,650,675
|
| Price: | $1.11
|
| Warrants: | One warrant for three-quarters of a share 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: | NYSE Amex: NBY
|
| Stock price: | $1.11 at close June 28
|
| Market capitalization: | $24.39 million
|
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