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BURLINGAME, CA—Poplar Point Capital Partners (WA:CPAP) LP has expanded its holdings in NovaBay Pharmaceuticals, Inc. (NYSE:NBY) through a series of recent stock purchases, according to a recent SEC filing. The investment firm acquired a total of 85,487 shares over the course of several transactions in February, with a total value of approximately $55,526. The timing is notable, as InvestingPro data shows NBY has posted an 18% return over the past week, despite experiencing an 80% decline over the previous year.
The acquisition prices ranged from $0.62 to $0.6715 per share. These purchases increased Poplar Point Capital Partners’ stake in the pharmaceutical company, bringing their total ownership to 705,172 shares. The transactions were executed directly by the firm, as detailed in the filing. According to InvestingPro analysis, NovaBay currently maintains a Fair financial health rating, with a gross profit margin of 66%.
Poplar Point Capital Partners, along with associated entities Poplar Point Capital Management LLC and Poplar Point Capital GP LLC, and manager Jad Fakhry, collectively hold more than a ten percent ownership in NovaBay Pharmaceuticals. The filing emphasizes that these entities operate jointly in managing and controlling the investment portfolio.
NovaBay Pharmaceuticals, based in Emeryville, CA, is involved in the development and commercialization of products for the eye care and dermatology markets. The recent stock purchases by Poplar Point Capital Partners may reflect confidence in the company’s future prospects within these sectors.
In other recent news, NovaBay Pharmaceuticals, Inc. has settled disputes over warrants with three investment funds, including Sabby Volatility Warrant Master Fund Ltd., Bigger Capital Fund, LP, and District 2 Capital Fund LP. These settlements are part of NovaBay’s efforts to resolve issues as it seeks stockholder approval for its planned liquidation and dissolution. However, the company did not secure the necessary shareholder votes to proceed with its proposed dissolution during a recent meeting. Only about 49% of the outstanding shares were in favor, falling short of the required majority. Following the sale of its Avenova brand and other assets, the board is considering another 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, as disclosed in a recent SEC filing. This extension is seen as a move to maintain stability and continuity in leadership. These developments reflect NovaBay’s ongoing strategic decisions amid significant corporate changes.
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