NovaBay Pharmaceuticals Plans 1-For-35 Reverse Stock Split And Reveals Receipt Of NYSE American Notice Regarding Stockholders' Equity
Portfolio Pulse from Benzinga Newsdesk
NovaBay Pharmaceuticals plans a 1-for-35 reverse stock split effective May 30, 2024, and will start trading on a split-adjusted basis on May 31, 2024. The company also received a notice from NYSE American for non-compliance with stockholders' equity requirements and has an unqualified audit opinion with a going concern warning.
May 29, 2024 | 9:26 pm
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NovaBay Pharmaceuticals is implementing a 1-for-35 reverse stock split and has received a non-compliance notice from NYSE American regarding stockholders' equity. The company also has a going concern warning from its auditors.
The reverse stock split is typically seen as a negative signal, indicating potential financial instability. The non-compliance notice from NYSE American and the going concern warning further exacerbate concerns about the company's financial health, likely leading to a negative short-term impact on the stock price.
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