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NovaBay Pharmaceuticals, Inc. (NYSE American:NBY), whose stock has surged nearly 290% over the past six months according to InvestingPro data, announced Thursday that Chief Executive Officer and director David Lazar has tendered his resignation, effective upon the release of escrow funds as outlined in a new Securities Purchase Agreement. The company disclosed the development in a statement based on a filing with the Securities and Exchange Commission.
According to the filing, Lazar’s resignation is connected to his entry into a Securities Purchase Agreement with R01 Fund LP and Framework Ventures IV L.P. Under the agreement, Lazar will transfer his rights, title, and interest in 441,325 shares of Series D Non-Voting Convertible Preferred Stock and rights to purchase 268,750 shares of Series E Non-Voting Convertible Preferred Stock to the two purchasers.
The completion of this transaction is subject to customary closing conditions, including approval by NovaBay stockholders of proposals 5 and 9 at the company’s 2025 Annual Meeting scheduled for October 16, 2025.
If the transaction is approved and completed, R01 Fund LP and Framework Ventures IV L.P. are expected to collectively beneficially own approximately 90% of NovaBay’s outstanding common stock after the closing of the investment and related transactions, as described in the company’s proxy statement.
NovaBay Pharmaceuticals is based in Emeryville, California. The information in this article is based on a press release statement and the company’s recent SEC filing.
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