NovaBay Pharmaceuticals (NYSEMKT:NBY) stock is falling hard on Thursday after the eyecare and wound care company announced results from its annual shareholder meeting.
Included among the proposals in the annual shareholder meeting was a reverse stock split. Traders voted in favor of allowing the company’s board of directors to enact a reverse split of NBY shares.
Following that, NovaBay Pharmaceuticals announced that its board had approved a 1-for-35 reverse stock split for NBY. This will combine 35 shares of NBY stock into a single share.
NovaBay Pharmaceuticals says that this reverse stock split is set to go into effect after markets close today. That will result in shares of NBY trading on a post-split basis when markets open tomorrow.
What’s Behind the NBY Reverse Stock Split?
NovaBay Pharmaceuticals sought permission for the reverse stock split as a way to boost the price of its shares. The company’s stock was trading below the minimum bid price required to remain on the NYSE American Exchange.
NovaBay Pharmaceuticals notes that its shares will continue to trade under the NBY ticker after the split. However, they will switch to the new CUSIP number “66987P 409.”
NBY stock is down 38.8% as of Thursday morning and was down 14.2% year-to-date when markets closed yesterday.
Investors will want to keep reading for more of the latest stock market stories today!
We have all of the hottest stock market news that traders need to know about on Thursday! A few examples include what’s going on with shares of Smart for Life (NASDAQ:SMFL) and Cue Health (NASDAQ:HLTH) stock, as well as other news. All of this is good to go at the links below!
More Thursday Stock Market News
- Why Is Smart for Life (SMFL) Stock Up 71% Today?
- Why Is Cue Health (HLTH) Stock Up 99% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Thursday
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
