NovaBay Pharmaceuticals sees $67,700 stock acquisition by Poplar Point Capital

In a recent filing with the Securities and Exchange Commission, NovaBay Pharmaceuticals, Inc. (AMEX:NBY) disclosed that Poplar Point Capital Partners (WA:CPAP) LP, along with its related entities, acquired shares in two separate transactions totaling approximately $67,700. The timing of these purchases is notable, as InvestingPro data shows NBY shares have gained 18.35% in the past week, though they remain down 80% over the past year.

The transactions took place on January 27 and January 31, 2025. On January 27, Poplar Point Capital acquired 31,703 shares at a price of $0.69 per share. A few days later, on January 31, they purchased an additional 70,685 shares at $0.6483 per share. These acquisitions increased their total holdings to 620,685 shares. According to InvestingPro data, NovaBay currently maintains a FAIR financial health score of 1.77, with annual revenue of $9.78M. Investors can access 8 additional key ProTips and comprehensive analysis through InvestingPro’s detailed research report.

The report, filed jointly by Poplar Point Capital Management LLC, Poplar Point Capital GP LLC, and Jad Fakhry, highlights the entities’ continued investment in the pharmaceutical company. The filing emphasizes that while these entities have reported ownership, it should not be taken as an admission of beneficial ownership beyond the shares directly held by Poplar Point Capital Partners LP. The company is scheduled to report its next earnings on May 8, 2025.

In other recent news, NovaBay Pharmaceuticals has reached settlement agreements with three investment funds to resolve disputes over warrants linked to its common stock. These agreements involve Sabby Volatility Warrant Master Fund, Bigger Capital Fund, and District 2 Capital Fund, with commitments to exercise warrants and purchase remaining unexercised warrants. NovaBay aims to gain approval from stockholders for its liquidation and dissolution, as outlined in a Plan of Complete Liquidation and Dissolution. However, the company recently failed to secure the necessary shareholder vote for this proposed dissolution, with only 49% of stockholders voting in favor, falling short of the required majority. The board is considering a new special meeting to seek approval for the dissolution plan. Additionally, NovaBay has extended the contract of its CEO, Justin M. Hall, through December 31, 2025, which is seen as a move towards leadership stability. The extension was formalized in a recent SEC filing and follows previous amendments to Hall’s employment agreement. These developments are part of NovaBay’s ongoing efforts to navigate its strategic and operational challenges.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.