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In a recent series of transactions, Poplar Point Capital Partners (WA:CPAP) LP and associated entities acquired a total of 28,731 shares of NovaBay Pharmaceuticals, Inc. (AMEX:NBY), according to a Form 4 filing with the Securities and Exchange Commission. The stock has shown significant volatility, trading between $0.36 and $9.08 over the past 52 weeks, with InvestingPro data showing an 18.35% gain in the past week despite a challenging 80% decline over the last year. The acquisitions, which took place over several days in early April, were executed at prices ranging from $0.465 to $0.58 per share, amounting to a total value of $15,966.
These transactions were conducted by Poplar Point Capital Partners LP, Poplar Point Capital Management LLC, Poplar Point Capital GP LLC, and Jad Fakhry, who collectively filed the report. As of the latest transaction, the group owns 1,020,300 shares in NovaBay Pharmaceuticals. The transactions reflect continued investment by Poplar Point Capital in the pharmaceutical company, which is based in Emeryville, California.
In other recent news, NovaBay Pharmaceuticals, Inc. has been in the spotlight due to a series of significant developments. The company recently finalized settlement agreements with three investment funds, resolving disputes over warrants linked to its common stock. These settlements involved Sabby Volatility Warrant Master Fund Ltd., Bigger Capital Fund, LP, and District 2 Capital Fund LP, with commitments to exercise warrants and subsequent buyouts of unexercised warrants. This move is part of NovaBay’s broader efforts to seek shareholder approval for its proposed liquidation and dissolution. However, NovaBay did not secure the necessary shareholder vote to proceed with its dissolution plan, as only 49% of shareholders voted in favor, falling short of the required majority.
Despite this setback, the company’s board is considering holding another special meeting to seek approval for the dissolution. In another development, NovaBay has extended the contract of its CEO, Justin M. Hall, through 2025, ensuring continuity in leadership. This extension, disclosed in a recent SEC filing, may signal confidence in Hall’s strategic direction for the company. The company had previously completed the sale of its Avenova brand and related assets, as well as its wound care trademarks and inventory, marking the divestiture of its main revenue-generating operations. These recent developments highlight the ongoing strategic and operational changes at NovaBay Pharmaceuticals.
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