ISS supports NovaBay proposals to sell Avenova business

NovaBay (NBY) announced that the largest institutional advisory firm, Institutional Shareholder Services, or ISS, has recommended that NovaBay stockholders vote in favor of all of the company’s proxy proposals, specifically to authorize and approve the sale of its eyecare business and approve the voluntary liquidation and dissolution of the company. The NovaBay board of directors unanimously supports the asset sale proposal seeking stockholder approval for the sale of substantially all of the company’s assets, consisting of the Avenova business, to PRN Physician Recommended Nutriceuticals for a purchase price of $11.5M in cash, subject to adjustment, and the dissolution proposal seeking stockholder approval for the plan of complete liquidation and dissolution of the company in which the company will wind down operations, settle remaining obligations and distribute any remaining proceeds of the liquidation to stockholders, subject to the discretion of the company’s board of directors. In making its recommendation to NovaBay stockholders to vote for proposal one and proposal two, ISS stated that the “asset sale appears to be the best available alternative to maximize value for shareholders, the cash form of consideration provides liquidity and certainty of value for NBY shareholders, and there is potential downside risk of non-approval.”