NovaBay completes sale of Avenova to Physician Recommended Nutriceuticals
Key takeaways:
- NovaBay completed the sale of its eye care business to Physician Recommended Nutriceuticals.
- The company adjourned a stockholder meeting to give them more time to vote on the last remaining proposal.
NovaBay Pharmaceuticals has completed the sale of its Avenova brand and related assets to Physician Recommended Nutriceuticals for $11.5 million, according to a company press release.
As Healio previously reported, NovaBay entered a definitive agreement in September 2024 to sell its Avenova assets to Physician Recommended Nutriceuticals for $9.5 million in cash.
“The divestiture of our eye care business has allowed us to monetize this valuable asset and to return value to our stockholders, while providing the Avenova brand an opportunity to grow, flourish and reach its full potential in the future,” Justin Hall, NovaBay’s CEO, said in the release. “This transaction brings significant change to NovaBay, ending one chapter and creating an exciting new opportunity for the Avenova brand.”
At the reconvened special meeting of stockholders held on Jan. 16, 2025, approximately 49% of all outstanding shares of common stock voted in favor of proposal two, which provides for the approval of the dissolution of the company, according to the release.
NovaBay adjourned the meeting until Jan. 30, 2025, to allow additional time for votes to reach the 50% threshold required for the approval of the proposal.
The company asked stockholders to vote their shares or change their previously submitted vote via internet, telephone or mail prior to the day of the meeting.