NovaBay reprices Series B warrants to $0.25, raises ~$554K; anti-dilution adds 23.4M shares

Stablecoin Development Corp

Exercise price reduced from $1.30 to $0.25; initial exercise of 2.2M shares nets ~$555K gross proceeds.
New Series C warrants issued for 100% of exercised shares, exercisable at $0.25 after stockholder approval.
Anti-dilution adjustments to Series B/C preferred stock lower conversion price to $0.25, adding ~23.4M potential common shares.
Holders may exercise remaining warrants at $0.25 through Jan 26, 2024; unexercised warrants revert to $1.30.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Stablecoin Development Corp entered into Letter Agreements with existing holders of Series B-1 warrants and Series B-2 warrants valued at Issuance of new Series C Common Stock purchase warrants; anti-dilution adjustment triggered (effective 2023-12-21).

Action: entry
Agreement: equity purchase
Counterparty: existing holders of Series B-1 warrants and Series B-2 warrants
Value: Issuance of new Series C Common Stock purchase warrants; anti-dilution adjustment triggered
Effective: 2023-12-21

Exact text from the filing

On December 21, 2023, NovaBay Pharmaceuticals, Inc. (the “ Company ”) announced that on December 21, 2023, it entered into letter agreements (the “ Letter Agreements ”) with certain of existing holders of its Series B-1 warrants (the “ Series B-1 Warrants ”) to purchase Company common stock, par value $0.01 per share (“ Common Stock ”) and its the Series B-2 warrants (the “ Series B-2 Warrants ” and together with the Series B-1 Warrants, the “ Series B Warrants ”) to purchase Common Stock that were issued to such holders pursuant to a Securities Purchase Agreement, dated April 27, 2023.

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Stablecoin Development Corp filing history →

Source: SEC EDGAR

accession 0001437749-23-035032

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