NovaBay Pharmaceuticals Accepts Revised Offer

 NovaBay® Pharmaceuticals, Inc. (NYSE American: NBY) ("NovaBay" or the "Company") today announces that the Company has accepted a revised transaction proposal from PRN Physician Recommended Nutriceuticals, LLC ("PRN") to increase the base purchase price for the Company’s eyecare business from $9.5 million to $11.5 million. The Company has entered into an amendment (the "Amendment") to its previously announced Asset Purchase Agreement, dated September 19, 2024, with PRN (the "Original PRN APA" and, as amended, the "PRN APA"). The Company's transaction with PRN remains subject to certain closing conditions, including receiving stockholder approval.

"We are pleased to accept PRN’s revised offer for the Avenova® brand and continue our efforts to obtain stockholder approval. With the newly added value, we truly believe this deal is in the best interests of our stockholders," said Justin Hall, NovaBay CEO.

In addition to the increased base purchase price of $11.5 million, the Amendment provides for (i) the removal of debt financing contingencies and related PRN representations, while adding a new PRN representation that it has sufficient funding for the base purchase price; (ii) PRN providing the Company with a secured promissory note for up to $1.0 million to be funded by two future installments of $0.5 million each, which loan is expected to be repaid in full upon the closing of the PRN transaction as a deduction from the purchase price (the "Bridge Loan"); and (iii) PRN providing the Company with an equity funding commitment letter (collectively, the "Revised PRN Transaction Terms").

https://finance.yahoo.com/news/novabay-pharmaceuticals-accepts-revised-offer-210500782.html