**NovaBay Pharmaceuticals Enters into Amendment to Asset Purchase Agreement with PRN Physician Recommended Nutriceuticals**

NovaBay Pharmaceuticals, Inc. (NYSEAMERICAN: NBY) recently disclosed in an 8-K filing on November 5, 2024, that it has entered into Amendment No. 1 to the Asset Purchase Agreement (APA) with PRN Physician Recommended Nutriceuticals, LLC. The original APA, dated September 19, 2024, outlined the sale of all of the Company’s eyecare products under the Avenova brand and related assets to PRN, subject to specific closing conditions including stockholder approval.

As detailed in the filing, NovaBay had previously received an unsolicited acquisition proposal from Refresh Acquisitions BidCo LLC, which was considered a “Superior Proposal” by the Board of Directors on October 29, 2024. However, after negotiations with PRN, the terms of the APA were amended through the PRN APA Amendment. The revised terms include an increased base purchase price of $11.5 million from the initial $9.5 million, removal of debt financing contingencies, and providing a secure promissory note (Bridge Loan) by PRN.

In light of the negotiated terms and amendments, NovaBay’s Board of Directors determined that the Refresh Unsolicited Offer was no longer superior. Consequently, acknowledging the benefits to the Company and its shareholders, NovaBay proceeded to finalize the PRN APA Amendment and the Bridge Loan on November 5, 2024.

The Bridge Loan, as outlined in the filings, allows NovaBay to secure loans up to $1.0 million from PRN, disbursed in two tranches. The funds are designated for working capital purposes, carry an interest rate of 10% per annum, and will be repaid upon specific conditions, including the closing of the PRN Transaction.

Additional details on the APA Amendment and Bridge Loan, along with the Company’s intention to provide supplemental disclosure to stockholders, are set forth in the filing. NovaBay Pharmaceuticals urges its shareholders to review the relevant materials, including the Special Meeting Proxy Statement, for a comprehensive understanding of the ongoing transactions.

The Company’s press release announcing the APA Amendment and Bridge Loan is attached to the 8-K filing providing further insights into the recent developments. This move aligns with NovaBay’s commitment to enhancing shareholder value and pursuing strategic opportunities in the pharmaceutical sector.

In connection with these transactions, NovaBay Pharmaceuticals will continue to provide updated information to its stockholders and regulatory bodies, ensuring transparency and adherence to regulatory requirements. Investors are encouraged to remain informed about the company’s progress via official channels and filings with the Securities and Exchange Commission.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read NovaBay Pharmaceuticals’s 8K filing here.

NovaBay Pharmaceuticals Company Profile

NovaBay Pharmaceuticals, Inc develops and sells eyecare and wound care products in the United States and internationally. It offers Avenova Spray, a solution for removing foreign materials, including microorganisms and debris from skin around the eye, such as the eyelid; Avenova Eye Health Support antioxidant-rich oral supplements; Avenova Lubricating Eye Drops for instant relief; NovaWipes by Avenova; Avenova WarmEye Compress to soothe the eyes; and the i-Chek by Avenova to monitor physical eyelid health.