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Poplar Point Capital Partners (WA:CPAP) LP, along with related entities, has reported a series of stock purchases in NovaBay Pharmaceuticals, Inc. (AMEX:NBY) amounting to a total value of $39,503. The transactions occurred from March 10 to March 18, 2025, with purchase prices ranging from $0.58 to $0.635 per share. According to InvestingPro data, these purchases come as NBY shows a significant 18% return over the past week, despite the stock being down 80% over the past year.
The acquisitions were made by Poplar Point Capital Partners LP, Poplar Point Capital Management LLC, and Poplar Point Capital GP LLC, with Jad Fakhry involved as a controlling figure. These entities collectively increased their holdings in NovaBay Pharmaceuticals, indicating a continued investment interest in the company. InvestingPro analysis shows the company maintains a FAIR financial health score, with its next earnings report expected on May 8, 2025. Subscribers can access 8 additional key ProTips and a comprehensive Pro Research Report for deeper insights into NBY’s financial position.
The transactions were executed over several days, with the largest single purchase on March 14, where 25,511 shares were acquired at $0.63 per share. Following these transactions, the total number of shares owned by the reporting parties rose to 818,277. The purchase prices fall within NBY’s 52-week range of $0.36 to $9.08, with the stock currently trading near its lower bounds.
In other recent news, NovaBay Pharmaceuticals has finalized 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 warrants for a portion of NovaBay’s outstanding shares. Additionally, NovaBay has completed the sale of its Avenova brand and related assets, though it failed to secure the necessary shareholder approval for its proposed liquidation and dissolution. Only about 49% of shareholders voted in favor, falling short of the required majority.
The board is considering convening another special meeting to seek approval for the dissolution plan, which is part of its strategy following the asset sale. Meanwhile, NovaBay has extended CEO Justin M. Hall’s contract through December 31, 2025, as indicated by a recent SEC filing. This move is seen as a sign of stability and continuity in the company’s leadership. The extension follows previous amendments to Hall’s employment agreement, underscoring the board’s confidence in his leadership. These developments reflect NovaBay’s ongoing efforts to address corporate governance and strategic direction amidst significant changes.
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