NovaBay Pharmaceuticals, Inc. (NYSE American: NBY) announced that it has entered into a $6 million securities purchase agreement with private investor David E. Lazar for the purchase of the Company's non-voting convertible preferred stock.
Effective immediately, Mr. Lazar has been appointed NovaBay's Chief Executive Officer. The investment is intended to fund ongoing operations, address outstanding liabilities, and support the Company's strategic initiatives as it works to regain compliance with NYSE American continued listing standards.
"I look forward to working with the NovaBay team to stabilize the business, explore strategic alternatives, and deliver value for our stockholders."
— David Lazar, Chief Executive Officer