---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-23-017421"
form_type: "8-K"
ticker: "SDEV"
cik: "0001389545"
company_name: "Stablecoin Development Corp"
filed_at: "2023-06-14T23:59:59+00:00"
generated_at: "2026-06-14T01:03:59.815593+00:00"
event_type: "other"
sentiment: "neutral"
materiality_score: 0.4
calibrated_materiality_score: 0.4
confidence: "high"
source: SEC EDGAR
---

# NovaBay shareholders approve 7.6M share issuance; board cuts quorum to 1/3

## Summary
- Stockholders approved issuance of up to 7,615,392 shares upon conversion of $3.3M debentures and warrant exercise.
- Board amended bylaws to reduce stockholder meeting quorum from majority to 1/3 of voting power.
- Elected directors Mijia (Bob) Wu and Dr. Yenyou (Jeff) Zheng with ~702k and ~699k votes for respectively.
- Ratified WithumSmith+Brown as independent auditor for FY2023 with 1,278,876 votes for.
- 1,384,490 shares voted out of 2,728,824 outstanding (51% turnout).

## SEC filing metadata
- accession: 0001437749-23-017421
- form_type: 8-K
- ticker: SDEV
- cik: 0001389545
- company_name: Stablecoin Development Corp
- filed_at: 2023-06-14T23:59:59+00:00
- event_type: other
- sentiment: neutral
- materiality_score: 0.4
- calibrated_materiality_score: 0.4
- confidence: high
- sec_items: 5.03, 5.07, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1389545/000143774923017421/0001437749-23-017421-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1389545/000143774923017421/nby20230613_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-23-017421
- JSON: https://secwatch.observer/filing/0001437749-23-017421.json
- Plain text: https://secwatch.observer/filing/0001437749-23-017421.txt

## Key facts
- Governance Changes
  Stablecoin Development Corp: Reduced quorum requirement for stockholders' meetings from majority to one-third of voting power (effective 2023-06-13).
  - Change: bylaw amendment
  - Effective: 2023-06-13
  source text: On June 13, 2023, the Board of Directors of NovaBay Pharmaceuticals, Inc. (the “Company”) approved an amendment to Article III, Section 8 of its Bylaws, as amended and restated, changing the Company’s stockholders’ meeting quorum requirement from “the holders of a majority of the voting power of all of the outstanding shares of stock entitled to vote” to “the holders of 1/3 of the voting power of all of the outstanding shares of stock entitled to vote”.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1389545/000143774923017421/0001437749-23-017421-index.htm
- Shareholder Votes
  Stablecoin Development Corp shareholders approved To ratify the appointment by the Company's Audit Committee of WithumSmith+Brown, PC as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2023. at the 2023-06-09 meeting.
  - Proposal: auditor ratification
  - Outcome: passed
  - Meeting: 2023-06-09
  source text: To ratify the appointment by the Company's Audit Committee of WithumSmith+Brown, PC as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2023.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1389545/000143774923017421/0001437749-23-017421-index.htm
- Shareholder Votes
  Stablecoin Development Corp shareholders approved To elect the two (2) Class I directors nominated by the Company's Board of Directors to hold office for a term of three (3) years or until their respective successors are elected and qualified. at the 2023-06-09 meeting.
  - Proposal: director election
  - Outcome: passed
  - Meeting: 2023-06-09
  source text: On June 9, 2023, the Company held its 2023 Annual Meeting, at which the Company's stockholders voted on three (3) proposals, each of which is described in more detail in the Company's proxy statement filed with the Securities and Exchange Commission on May 18, 2023.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1389545/000143774923017421/0001437749-23-017421-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.