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NovaBay (NYSE: NBY) OKs 5B share authorization and charter changes

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(Moderate)
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Form Type
8-K

Rhea-AI Filing Summary

NovaBay Pharmaceuticals, Inc. amended its corporate charter following approval by its board and stockholders at a special meeting held on March 12, 2026. The second amended and restated certificate of incorporation, effective upon filing in Delaware, removes the prior prohibition on stockholder action by written consent and adds officer exculpation from monetary damages to the fullest extent permitted under applicable law in limited circumstances. It also authorizes the company to issue a total of 5,000,000,000 shares of common stock with a par value of $0.01 per share.

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Insights

NovaBay expands share authorization and adjusts governance terms.

NovaBay Pharmaceuticals adopted a second amended and restated certificate of incorporation, approved by both the board and stockholders on March 12, 2026. Key elements are governance changes and a substantial increase in authorized common stock.

The charter now permits stockholder action by written consent, which can make it easier for stockholders to act between meetings. It also adds officer exculpation from monetary damages to the fullest extent allowed under Delaware law in limited circumstances, aligning with recent statutory trends.

The company is now authorized to issue up to 5,000,000,000 shares of common stock at $0.01 par value. The impact on existing holders will depend on if and how these shares are issued in future financings or other transactions, which are not described in this disclosure.

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): March 12, 2026
 
NovaBay Pharmaceuticals, Inc.
(Exact name of registrant as specified in its charter)
 
 
Delaware
 
001-33678
 
68-0454536
(State or other jurisdiction
of incorporation)
 
(Commission
File Number)
 
(IRS Employer
Identification No.)
 
2000 Powell Street, Suite 1150, Emeryville, CA 94608
(Address of principal executive offices and zip code)
 
(510) 899-8800
(Registrants telephone number, including area code)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
 
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:
 
 
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common Stock, par value $0.01 per share
 
NBY
 
NYSE American
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 


 
 

 
--12-31
Item 5.03. Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.
 
On March 12, 2026, NovaBay Pharmaceuticals, Inc. (the “Company”) filed a second amended and restated certificate of incorporation with the Secretary of State of the State of Delaware, which became effective upon filing (the “Second Amended and Restated Certificate of Incorporation”). The Second Amended and Restated Certificate of Incorporation was approved by the Board and subsequently approved by the Company’s stockholders at the Company’s special meeting of stockholders held on March 12, 2026 (the “Special Meeting”).
 
The Second Amended and Restated Certificate of Incorporation reflects changes to the following provisions of the Company’s previous amended and restated certificate of incorporation (the “Prior Charter”) (i) to remove the prohibition against stockholder action by written consent; (ii) to exculpate officers from monetary damages to the fullest extent under applicable law in limited circumstances; and (iii) to provide that the Company is authorized to issue a total of 5,000,000,000 shares of common stock, par value $0.01 per share (the “Common Stock”).
 
The terms of the Second Amended and Restated Certificate of Incorporation are described in the proxy statement (the “Proxy Statement”) for the Special Meeting. The foregoing description of the Second Amended and Restated Certificate of Incorporation is qualified in its entirety by reference to the full text of the Second Amended and Restated Certificate of Incorporation, which is filed as Exhibit 3.1 to this Current Report on Form 8-K and incorporated herein by reference.
 
Item 5.07. Submission of Matters to a Vote of Security Holders.
 
On March 12, 2026, the Company held the Special Meeting. The following matters were submitted to a vote:
 
Proposal 1.
To issue 837,696,130 shares of Common Stock upon the exercise of pre-funded warrants issued in our private placement transaction on January 16, 2026.
 
The proposal was approved.
 
For
   
Against
   
Abstain
 
  123,352,588       1,476,035       4,552  
 
Proposal 2.
To issue 5,405,406 shares of Common Stock upon the exercise of the pre-funded warrants issued in our private placement transaction on October 16, 2025.
 
The proposal was approved.
 
For
   
Against
   
Abstain
 
  124,343,389       485,209       4,577  
 
 
 

 
Proposal 3.
To remove the prohibition against stockholder action by written consent.
 
The proposal was approved.
 
For
   
Against
   
Abstain/Broker Non-Vote
 
  120,648,355       4,176,612       2,077,156  
 
 
Proposal 4.
To reflect Delaware General Corporate Law provisions regarding officer exculpation.
 
The proposal was approved.
 
For
   
Against
   
Abstain/Broker Non-Vote
 
  122,978,249       1,841,681       2,082,193  
 
Proposal 5.
To increase the number of authorized shares of our Common Stock from 1,500,000,000 to 5,000,000,000.
 
The proposal was approved.
 
For
   
Against
   
Abstain
 
  121,855,735       5,044,559       1,829  
 
Proposal 6.
To adopt the 2026 Equity Incentive Plan.
 
The proposal was approved. 
 
For
   
Against
   
Abstain
 
  120,283,733       4,547,291       2,151  
 
Since there were sufficient votes at the time of the Special Meeting to approve Proposals 1-6, the proposal to approve the adjournment of the Special Meeting, if necessary, to solicit additional proxies was not called for at the Special Meeting.
 
Item 9.01. Financial Statements and Exhibits.
 
(d) Exhibits
 
 
Exhibit No.
 
Description
3.1
 
Second Amended and Restated Certificate of Incorporation.
104
 
Cover Page Interactive Data File (embedded within the Inline XBRL document)
 
 

 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
Date: March 12, 2026
NovaBay Pharmaceuticals, Inc.
     
 
By:
/s/ Tommy Law
   
Name:
Tommy Law
   
Title:
Chief Financial Officer
 
 

FAQ

What charter changes did NovaBay Pharmaceuticals (NBY) approve on March 12, 2026?

NovaBay Pharmaceuticals approved a second amended and restated certificate of incorporation. It removes the prohibition on stockholder action by written consent, adds officer exculpation from monetary damages in limited circumstances, and updates the company’s capital structure and other terms as described in the related proxy statement.

How many shares is NovaBay Pharmaceuticals (NBY) now authorized to issue?

NovaBay is authorized to issue 5,000,000,000 shares of common stock. The amended charter specifies a total of 5,000,000,000 shares of common stock with a par value of $0.01 per share, providing significant capacity for future equity issuance if the company chooses.

Did NovaBay Pharmaceuticals stockholders approve the charter amendments at the special meeting?

Yes, NovaBay stockholders approved the charter amendments at the special meeting. The second amended and restated certificate of incorporation was first approved by the board and then approved by stockholders through multiple proposals that each received sufficient votes for approval.

What does officer exculpation mean in NovaBay Pharmaceuticals’ amended charter?

Officer exculpation limits certain monetary damage claims against officers. NovaBay’s amended charter exculpates officers from monetary damages to the fullest extent permitted under applicable law in limited circumstances, potentially reducing personal financial exposure for officers in specified situations.

Can NovaBay Pharmaceuticals stockholders now act by written consent?

Yes, the amended charter removes the prior ban on written consent. The second amended and restated certificate of incorporation eliminates the prohibition against stockholder action by written consent, allowing stockholders to take certain actions without holding a formal meeting when legal requirements are met.

What happened to the proposal to adjourn NovaBay’s special meeting if needed?

The adjournment proposal was not called for a vote. Because there were already sufficient votes to approve Proposals 1–6 at the special meeting, the separate proposal to adjourn the meeting to solicit additional proxies was unnecessary and therefore not presented.

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Novabay Pharma

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Biotechnology
Pharmaceutical Preparations
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United States
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