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Poplar Point Capital Partners (WA:CPAP) LP has recently increased its stake in NovaBay Pharmaceuticals, Inc. (AMEX:NBY) through a series of stock purchases. The timing appears strategic, as InvestingPro data shows NBY has gained over 18% in the past week, despite falling 80% over the last year. Over multiple transactions spanning from February 25 to March 7, 2025, the firm acquired a total of 48,930 shares of NovaBay’s common stock. The purchases were made at prices ranging from $0.55 to $0.6199 per share, amounting to a total investment of $29,857.
The transactions were executed by Poplar Point Capital Partners LP, along with its associated entities, including Poplar Point Capital Management LLC and Poplar Point Capital GP LLC. These entities, along with Jad Fakhry, who holds a controlling interest, are collectively referred to as the "Reporting Persons" in the filing. The shares were acquired directly by Poplar Point Capital Partners LP, with Poplar Point Capital Management LLC acting as the investment manager. According to InvestingPro, NovaBay maintains a FAIR financial health score of 1.77, with annual revenue of $9.78 million.
The acquisitions have increased the firm’s total holdings in NovaBay to 754,102 shares. NovaBay Pharmaceuticals is a company based in Emeryville, California, specializing in pharmaceutical preparations. For investors seeking deeper insights, InvestingPro offers a comprehensive research report with detailed analysis of NBY’s financial health, valuation metrics, and growth prospects, along with 8 additional key ProTips.
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 settlements involve Sabby Volatility Warrant Master Fund Ltd., Bigger Capital Fund, LP, and District 2 Capital Fund LP, with commitments to exercise and buyout warrants, ensuring compliance with agreed terms. Additionally, NovaBay did not secure the necessary shareholder approval for its proposed liquidation and dissolution, as only 49% of shareholders voted in favor, falling short of the required majority. Despite this setback, the company’s board is contemplating a new special meeting to seek approval for the dissolution plan, following the divestiture of its main revenue-generating operations.
In another development, NovaBay has extended the contract of its CEO, Justin M. Hall, through December 31, 2025, as per a recent SEC filing. This extension is seen as a move towards stability and continuity in leadership, following two previous amendments to Hall’s employment agreement. The company’s future actions regarding dissolution remain contingent on further shareholder approval, with the board retaining discretion over the filing of a Certificate of Dissolution. These recent developments highlight NovaBay’s ongoing strategic decisions amid significant corporate changes.
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