NovaBay Pharmaceuticals Raises $6 Million, Appoints David Lazar CEO.

NovaBay Pharmaceuticals has entered into a $6 million securities purchase agreement with investor David E. Lazar. The deal includes two closings, with $3.85 million received in the first closing. Mr. Lazar has been appointed CEO and a director of the company, and former CEO Justin Hall has taken on the role of Vice President of Business Development. The investment will support NovaBay's continued public listing and fund a future strategic transaction.

NovaBay Pharmaceuticals, Inc. (NYSE American: NBY) has entered into a significant securities purchase agreement with private investor David E. Lazar, securing $6 million in funding. The deal comprises two closings, with $3.85 million received in the initial closing. Mr. Lazar has been appointed CEO and a director of the company, while former CEO Justin Hall has assumed the role of Vice President of Business Development. This investment is aimed at supporting NovaBay's continued public listing and funding future strategic transactions.

The securities purchase agreement, announced on August 19, 2025, outlines that NovaBay has received $3.85 million in the first of two closings. The second closing, contingent on stockholder approval at the 2025 annual meeting, is expected to total $2.15 million. Following stockholder approval and meeting other closing conditions, NovaBay will issue new shares of non-voting convertible Series E preferred stock. Mr. Lazar will have certain rights relating to the Board, including the ability to nominate up to three additional directors after the second closing.

NovaBay expects to declare a special cash dividend to its stockholders during the third quarter of 2025. The investment will also support NovaBay's ongoing strategic exploration and potential acquisitions. The company's Board of Directors, led by Chairman Paul Freiman, has unanimously supported this transaction, viewing it as the best path forward for stockholders.

Forward-Looking Statements

The news release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on the Company's current expectations and involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those expressed in the forward-looking statements. Other risks are detailed in NovaBay's latest Form 10-K, subsequent Forms 10-Q, and/or Form 8-K filings with the SEC, especially under the heading "Risk Factors."

References

[1] https://finance.yahoo.com/news/novabay-pharmaceuticals-enters-6-million-212500939.html
[2] https://www.marketscreener.com/quote/stock/NOVABAY-PHARMACEUTICALS-I-25502318/