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NovaBay Announces $0.80 Special Dividend
ByAinvest
Wednesday, Aug 27, 2025 4:27 am ET1min read
NovaBay Pharmaceuticals has declared a special dividend of $0.80 per share. The dividend is payable on September 29, for shareholders of record on September 15, and ex-dividend on September 15. This move highlights the company's focus on returning value to its shareholders.
NovaBay Pharmaceuticals Inc. (NBY) has announced a significant move to return value to its shareholders by declaring a special cash dividend of $0.80 per share. The dividend, payable on September 29, is for shareholders of record as of September 15, and it will be ex-dividend on the same date [1].The special dividend represents approximately 90% of NBY’s closing stock price and follows a major investment transaction. In August, the company’s CEO, David E. Lazar, completed the first closing of a $6 million investment agreement, purchasing 481,250 shares of Series D convertible preferred stock at $8.00 per share for $3.85 million gross proceeds [1].
The dividend payout is funded by the segregation of cash following the sale of the company's Avenova eyecare products to PRN Physician Recommended Nutriceuticals in January. A second closing for $2.15 million in Series E preferred stock is expected by the fourth quarter [1].
Due to the dividend’s size exceeding 25% of the stock price, NYSE American implemented “due bills” trading from the September 15 record date through the September 29 payment date. Shareholders selling during this period transfer dividend rights to buyers [1].
NovaBay Pharmaceuticals has seen its stock price surge, with a 71.15% year-to-date gain and an average daily volume of 6.49 million shares. The stock currently trades with a 5.56 price-to-earnings ratio and a $5.16 million market capitalization [1].
Lazar's beneficial ownership of 77 million common shares, subject to ownership limitations pending shareholder approval, underscores the company's strategic focus [1].
References:
[1] https://www.benzinga.com/markets/equities/25/08/47349989/novabay-pharmaceuticals-stock-soars-48-after-hours-following-special-dividend-declaration
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