NovaBay Pharmaceuticals, Inc. (NBY) stock gained a further 6.29% in the after-hours on December 29. The stock has been bullish with no new announcement from the company while it announced a special meeting of stockholders on December 21.
During the normal trading session, the stock fluctuated between a high of $0.45 and a low of $0.37. After closing the session with a gain of 2.15% at $0.40, NBY gained further after hours. In the after-hours session, the stock went up by 6.29% at $0.43 with 1.95 million shares exchanging.
Currently, the 44.96 million outstanding shares of the company trade at a market capitalization of $17.76 million.
NBY’s Special Meeting of Stockholders
On December 21, NBY announced the adjournment of its Special Meeting of Stockholders until January 14, 2022. The reason for this adjournment is additional time provision to stockholders for voting on Proposal Two. This is a proposal for the approval of an amendment to the NovaBay Amended and Restated Certificate of Incorporation. Moreover, this amendment will increase the authorized common stock to 150,000,000 shares from 100,000,000.
As per the meeting, 83.5% of the votes were in favor of Proposal Two, but it was still less than 50% of all outstanding common stock shares. For Proposal Two to be officially approved, the vote of more than 50% of all outstanding shares is required to be in favor. Moreover, the rest of the proposals presented in the meeting only need majority votes from the present shareholders in the quorum.
Other Recent News
On December 13, NBY announced that DERMAdoctor’s balm was awarded Seal of AcceptanceTM by NEA. The National Eczema Association awarded the seal to its Clam Cool + Corrected 1% Colloidal Oatmeal Eczema + Dermatitis Clinical Repair Balm. Moreover, the balm is part of the Calm Cool + Corrected line of skin solutions of DERMAdoctor. Furthermore, the formula is suitable for all ages including peads for head-to-toe use.
NBY’s Q3 Financial Highlights
NovaBay Pharmaceuticals announced its financial results for the third quarter of 2021, on November 11. In the third quarter of 2021, the net product revenue of NBY was $1.8 million against $2.2 million in the year-ago quarter.
Moreover, the company incurred a net loss of $2.3 million in the third quarter of 2021, against $3.2 million in Q3 of 2020. Consequently, the net loss per share was $0.05 and $0.08 in the third quarter of 2021 and 2020, respectively.
