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Low Float (NYSE American: NBY) Drops Huge Asset Sale Announcement In Premarket (Find It Here)
January 23rd Greetings, Friend!
Wow! What a huge announcement!
(NYSE American: NBY) just dropped this huge nugget. Check it out:
NovaBay Pharmaceuticals Completes the Sale of its Eyecare Business to PRN and Further Adjourns its Special Meeting of St-ockholders on Dissolution Proposal
St-ockholders voted to unlock the value of NovaBay's Avenova® eyecare business by approving the $11.5Mn asset sale
Reconvened Special Meeting adjourned to allow additional time for votes to reach the 50% threshold of outstanding common stock in favor of Proposal Two, providing for the Dissolution of the Company
Stockholders who have not yet voted are strongly encouraged to vote FOR Proposal Two at the Special Meeting scheduled to reconvene on January 30, 2025
EMERYVILLE, Calif. - NovaBay® Pharmaceuticals, Inc. (NYSE American: NBY) ("NovaBay" or the "Company") announces the completion of the sale of its Avenova eyecare business and related assets to PRN Physician Recommended Nutriceuticals, LLC ("PRN") for $11.5Mn (the "Asset Sale"). The Asset Sale, representing substantially all of the assets of the Company, was consummated pursuant to the Asset Purchase Agreement dated September 19, 2024, as amended, which NovaBay st-ockholders approved at the Special Meeting of St-ockholders ("Special Meeting") reconvened on January 16, 2025. The Special Meeting has been further adjourned by the Company until January 30, 2025 at 11:00 a.m. Pacific time to allow additional time for st-ockholders to vote only on the last remaining proposal, Proposal Two, to approve the Company's liquidation and dissolution (the "Dissolution") pursuant to the Plan of Complete Liquidation and Dissolution of the Company (the "Plan of Dissolution").
"The divestiture of our eyecare business has allowed us to monetize this valuable asset and to return value to our st-ockholders, while providing the Avenova brand an opp. to grow, flourish and reach its full potential in the future," said Justin Hall, NovaBay CEO. "This transaction brings significant change to NovaBay, ending one chapter and creating an exciting new opp. for the Avenova brand. We will be excited to see the brand thrive in the years to come. We appreciate the support of our st-ockholders in approving this transaction."
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Read the full article here.
This is a massive announcement which means it's important to take note of NBY's low float of approximately 4.88Mn shares.
Floats of this size can create volatile environments in a blink... so you may want to consider watching this one closely.
Take a quick look at my initial report and consider (NYSE American: NBY) for your watchlist today. -----
Quick recap.
My most recent profile exploded in a massive chart surge. Were you able to watch?
Moving from an after hours close of $5.22 on Tuesday, it surged up its chart Wednesday to deliver an approximate 56% run to a high of $8.18.
A nearly $3.00 mover (approx.), it proved itself to be one of strongest movers in the market on hump day.
But right now, I've got a new breakout idea climbing up my watchlist.
Since December, this NYSE American profile has been heating up, moving above key technical chart levels.
And with a low float of fewer than 5Mn shares, volatility potential could erupt at a moment's notice.
Add in a recent upgrade from a reputable research firm, and it may be just a matter of time until this breakout idea starts earning some serious buzz.
Consider turning your full attention to NovaBay Pharmaceuticals, Inc. (NYSE American: NBY).
NovaBay is a California-based clinical-stage biopharmaceutical company that researches and develops synthetic anti-infective products for the eyecare and skincare markets.
NBY Company Website - NBY Company Presentation -----
3 Potential Catalysts To Consider right now for NovaBay Pharmaceuticals, Inc. (NYSE American: NBY)
#1. NBY is a low float profile meaning volatility potential could be strong.
Yahoo Finance is reporting a float of 4.88Mn shares for NBY.
With floats of this size, volatility potential needs to be on high notice on a daily basis.
Don't forget. My last profile surged approx. 56% and had a float under 5Mn shares...
Now, that isn't to say another move of that sort will happen for NBY this week, but the similarities in float size may suggest explosive volatility potential.
#2. Key technical levels were recently passed on NBY's chart.
In fact, there are at least 4 I'm looking at right now. Since its December 26th low, NBY has passed its:
- 20-Day Simple Moving Average (SMA), its
- 50-Day SMA, its
- 5-Day Exponential Moving Average (EMA), and its
- 13-Day EMA.
Could support continue to build at those levels with the hopes of a potential squeeze scenario developing as NBY's 200-Day SMA continues to fall?
#3. A reputable research firm just upgraded NBY last month.
NBY has been recently upgraded to a Zacks Rank #2. In fact, it was an upward trend in earnings estimates that has triggered this rating change.
The upgrade of NovaBay Pharmaceuticals to a Zacks Rank #2 positions it in the top 20% of the Zacks-covered st-ocks in terms of estimate revisions.
Zacks is one of the largest providers of independent st-ock, ETF and mutual fund research in the U.S.
The performance of their research recommendations has consistently ranked among the top research firms in the U.S. by independent evaluators of equity research.
Find report access here. -----
Coverage is officially initiated on NovaBay Pharmaceuticals, Inc. (NYSE American: NBY).
I'll be in touch with updates when necessary. Talk again shortly.
All the best, Dane James Editor Market Pulse Today
(Remember: St-ock Prices Could Be Significantly Lower Now From The Original Dates I Provided.)
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Pursuant to an agreement between Thousand Sun Media LLC and TD Media LLC, Thousand Sun Media LLC has been hired by TD Media LLC for a period beginning on 01/22/2025 and ending on 01/23/2025 to publicly disseminate information about (NBY:US) via digital communications. Under this agreement, Thousand Sun Media LLC has been paid five thousand USD (“Funds”) to disseminate information about (NBY:US) via digital communications.
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