NovaBay Pharmaceuticals Enters Into $6 Million Securities Purchase Agreement with Investor David E. Lazar

EMERYVILLE, Calif., Aug. 19, 2025 (GLOBE NEWSWIRE) -- NovaBay® Pharmaceuticals, Inc. (NYSE:NBY) ("NovaBay" or the "Company") announces 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. NovaBay has received $3.85 million in the first of two closings under the agreement. Effective immediately, Mr. Lazar has been appointed NovaBay's Chief Executive Officer and a director of the Company. Former Chief Executive Officer Justin Hall has assumed the newly created position of Vice President of Business Development.

At NovaBay's Special Meeting on April 16, 2025, stockholders authorized the Company's Board of Directors, at its discretion, to liquidate and dissolve the Company. This securities purchase agreement and the related transactions, if successfully completed, will be in lieu of pursuing the liquidation and dissolution of NovaBay, and the Company's common stock will continue to trade on the NYSE American exchange. The Company intends to use the proceeds of this investment transaction to pursue a strategic investment and/or acquisition. Additionally, NovaBay expects to declare a special cash dividend to its stockholders during the third quarter of 2025.

"In making this significant investment in NovaBay, I look forward to maintaining NovaBay's public listing and actively exploring strategic opportunities to drive ...