NovaBay accepts revised transaction proposal from PRN
The Fly

NovaBay accepts revised transaction proposal from PRN

NovaBay (NBY) announces that the Company has accepted a revised transaction proposal from PRN Physician Recommended Nutriceuticals, LLC to increase the base purchase price for the Company’s eyecare business from $9.5 million to $11.5 million. The Company has entered into an amendment to its previously announced Asset Purchase Agreement, dated September 19, 2024, with PRN. The Company’s transaction with PRN remains subject to certain closing conditions, including receiving stockholder approval. In addition to the increased base purchase price of $11.5 million, the Amendment provides for (i) the removal of debt financing contingencies and related PRN representations, while adding a new PRN representation that it has sufficient funding for the base purchase price; (ii) PRN providing the Company with a secured promissory note for up to $1.0 million to be funded by two future installments of $0.5 million each, which loan is expected to be repaid in full upon the closing of the PRN transaction as a deduction from the purchase price; and (iii) PRN providing the Company with an equity funding commitment letter .

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