NovaBay Pharmaceuticals to Reconvene Stockholder Meeting on December 18, 2024
NovaBay Pharmaceuticals, Inc. recently announced that its Special Meeting of Stockholders, which took place on November 22, 2024, has been adjourned until December 18, 2024 at 11:00 a.m. Pacific time. The purpose of this adjournment is to allow stockholders more time to vote on Proposal One and Proposal Two. These proposals have received significant support from stockholders who have already voted, but they have not yet reached the required 50% threshold of favorable votes from all outstanding shares of common stock.
Proposal One involves approving the sale of Avenova, which represents almost all of the Company’s assets, to PRN Physician Recommended Nutriceuticals, LLC. Meanwhile, Proposal Two is about approving the liquidation and dissolution of the Company. If approved, this would authorize the Company to liquidate and dissolve in line with the Plan of Dissolution, and based on the Board of Directors’ discretion to proceed with the dissolution.
At the prior Special Meeting of Stockholders, approximately 89.0% of the shares voted on Proposal One and 88.5% of the shares voted on Proposal Two were in favor of the proposals. The Board of Directors and is one of the major proxy voting advisory groups, Institutional Shareholder Services, strongly recommend that stockholders vote FOR Proposal One and Proposal Two.
To participate in the adjourned meeting, stockholders can join the virtual format and take part in the proceedings, as well as vote and ask questions during the live webcast of the meeting by clicking on a provided link. Any stockholders who haven’t voted yet or are unsure whether their shares have been voted are encouraged to contact their broker or bank to ensure their votes count. The Board of Directors and management urge these stockholders to carefully consider and vote on Proposal One and Proposal Two.
