NovaBay (NBY) raises gross proceeds of $6.72M after selling 5.6M shares and 18-month warrants to buy up to a total of 1.4M shares at a combined price of $1.20.
The net proceeds are $6.1M, and NovaBay will receive another $2.18M if the warrants are exercised.
The warrants have an exercise price of $1.56 a share
NovaBay expects the offering to close on Tuesday next week.
Shares are -4.8% at $1.20. (PR)