Notice from NYSE American Received by NovaBay Pharmaceuticals Regarding Stockholder Equity

NovaBay® Pharmaceuticals, Inc. (NYSE American: NBY) reported today that it has received a notice from the NYSE American LLC, dated April 18, 2024, indicating that the Company is currently below compliance with the NYSE American continued listing standards as outlined in Sections 1003(a)(ii) and (iii) of the NYSE American Company Guide due to stockholders’ equity. To address this, the Company is required to submit a plan by May 18, 2024, outlining the actions it has taken or will take to regain compliance with the continued listing standards by October 18, 2025, to sustain its listing on the NYSE American. NovaBay intends to submit a compliance plan to the NYSE American within the stipulated timeframe.

It is important to note that the notice from the NYSE American does not immediately impact the listing or trading of the Company’s common stock, which will continue to trade on the NYSE American. Additionally, this notice does not affect NovaBay’s day-to-day business operations or its obligations for reporting to the Securities and Exchange Commission (SEC).

About NovaBay Pharmaceuticals, Inc.

NovaBay Pharmaceuticals, Inc. is known for its flagship product, Avenova® Antimicrobial Lid & Lash Solution, which is frequently prescribed by eyecare professionals for conditions such as blepharitis and dry-eye disease. The product is available directly to consumers through various online distribution channels including Avenova® is clinically proven to effectively eliminate a wide spectrum of bacteria, aiding in the relief of symptoms associated with bacterial dry eye, while remaining non-irritating and safe for regular use. NovaBay offers a comprehensive range of scientifically developed products designed for every step of the standard dry eye treatment process. These include the Avenova Eye Health Support antioxidant-rich oral supplement, Avenova Lubricating Eye Drops for immediate relief, Avenova Warm Eye Compress to soothe the eyes, and the i-Chek by Avenova for monitoring physical eyelid health. NovaBay also provides the Avenova Allograft, a prescription-only amniotic tissue product, available through eyecare professionals in the United States.

NovaBay Pharmaceuticals Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on management’s current expectations, assumptions, estimates, projections, and beliefs. Words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would,” and similar expressions are used to identify these forward-looking statements. These statements involve risks, uncertainties, and other factors that may cause actual results or achievements to materially differ from those expressed or implied by the forward-looking statements. It is important to note that new risks and uncertainties may arise from time to time, and it is not possible to anticipate all such risks and uncertainties. Further details regarding risks associated with NovaBay’s business can be found in the Company’s latest Form 10-K filing with the SEC, particularly under the section titled “Risk Factors,” as well as in the definitive proxy statement filed by NovaBay with the SEC, particularly under the section titled “Proposal Five: The Reverse Stock Split Proposal — Risks Relating to the Reverse Stock Split.” The forward-looking statements in this press release speak only as of the date of issuance, and NovaBay disclaims any intention or obligation to revise or update publicly any forward-looking statement except as required by law.

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