NovaBay Pharmaceuticals Stock Surges 60% Following $6M Investment and Leadership Change

NovaBay Pharmaceuticals (NBY) shares skyrocketed 60% in pre-market trading after securing a $6 million investment from private investor David Lazar. The deal involves non-voting convertible preferred stock, with $3.85 million already disbursed in the first tranche.

Lazar has been appointed CEO, replacing Justin Hall, who transitions to Vice President of Business Development. The leadership shift averts a potential liquidation, which had been under consideration since the January sale of NovaBay's Avenova brand assets.

The new CEO emphasized maintaining NovaBay's public listing while pursuing strategic opportunities for shareholder value. The stock's dramatic rebound follows a 3.7% decline yesterday, leaving shares essentially flat year-to-date with a modest 10% gain over recent sessions.