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NovaBay to raise $2.7M via securities sale

NovaBay Pharmaceuticals Inc. said it would sell $2.7 million worth of securities to certain non-U.S. institutional investors in a private placement.

The company is selling preferred stock, which will be convertible into common shares following stockholder approval, and warrants that are going to be exercisable for $1.15 each.

The placement will close by Aug. 13.