NovaBay raises $6.7M in shelf offering

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)

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