NovaBay Pharmaceuticals announced receipt of a letter from NYSE MKT LLC on May 16, 2017, stating that it is not in compliance with the continued listing standards (requiring stockholders’ equity of $6.0 million or more if it has reported losses from continuing operations and/or net losses in its five most recent fiscal years) as set forth in Section 1003(a)(iii) of the NYSE MKT Company Guide (“Company Guide”).
In order to maintain its listing, NovaBay Pharmaceuticals must submit a plan of compliance by June 15, 2017, addressing how it intends to regain compliance with Section 1003(a)(iii) of the company guide.
The company intends to submit a plan to regain compliance with NYSE MKT listing standards. If the plan is not accepted, delisting proceedings will commence. If the plan is accepted, the company’s common stock will continue to be listed on the NYSE MKT during the plan period. However, if the company does not regain compliance with those standards or does not make progress consistent with the plan, the NYSE MKT staff may commence delisting proceedings.