NovaBay Pharmaceuticals Stockholders Fail to Approve Asset Sale and Dissolution Proposal at Special Meeting

On November 22, 2024, NovaBay Pharmaceuticals, Inc. convened its 2024 Special Meeting of Stockholders to deliberate on three proposals. These proposals were detailed in the Proxy Statement released by the company and included considerations for the sale of Avenova and the liquidation and dissolution of the company. However, despite efforts, the stockholders did not grant approval for both significant proposals.

During the meeting, which saw 2,091,083 shares represented in person or by proxy out of a total of 4,885,693 eligible voting shares, stockholders voted on Proposal One, which involved the sale of Avenova, a major part of the company’s assets. The vote resulted in 1,818,153 shares in favor, 249,255 against, and 23,675 abstaining.

Additionally, Proposal Two, which centered on the liquidation and dissolution of the company, did not garner enough support for approval either. Following the insufficient votes, the meeting was adjourned to allow for further solicitation of proxies on Proposal One and Proposal Two.

As a consequence of the unapproved proposals, NovaBay Pharmaceuticals decided to adjourn the Special Meeting, which is set to reconvene virtually at 11:00 a.m. Pacific Time on December 18, 2024. The company plans to continue its efforts to secure stockholder votes on the Asset Sale and Dissolution proposals during this adjournment period.

To update the public on the proceedings, NovaBay Pharmaceuticals issued a press release on November 22, 2024, announcing the adjournment of the Special Meeting. The press release details the outcomes of the meeting and provides information on the upcoming reconvening of the meeting on December 18, 2024.

The Company has furnished a copy of the press release as Exhibit 99.1 to its Current Report on Form 8-K, signifying its commitment to transparency and communication with its stakeholders during this critical decision-making period.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read NovaBay Pharmaceuticals’s 8K filing here.

NovaBay Pharmaceuticals Company Profile

NovaBay Pharmaceuticals, Inc develops and sells eyecare and wound care products in the United States and internationally. It offers Avenova Spray, a solution for removing foreign materials, including microorganisms and debris from skin around the eye, such as the eyelid; Avenova Eye Health Support antioxidant-rich oral supplements; Avenova Lubricating Eye Drops for instant relief; NovaWipes by Avenova; Avenova WarmEye Compress to soothe the eyes; and the i-Chek by Avenova to monitor physical eyelid health.