NovaBay Pharmaceuticals ( NBY ) said Wednesday that it has entered into a securities purchase agreement for the sale of its stock and warrants in a private placement to accredited investors for $11.8 million.
The sale will be done in two tranches, with the first tranche closing on May 5 for $7.8 million and the second tranche on July 31 for $4 million. Combined, the investors have agreed to purchase 6.2 million units, with each unit consisting of one NBY share and a warrant to purchase one-half NBY share, at a cost per unit of $1.91. The warrants have a four-year validity at an exercise price of $1.91 per share.
Shares were inactive pre-bell, near the low end of the 52-week range of $1.62 - $26.25.
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