novabay pharmaceuticals inc said it plans to seek shareholder authorization for a reverse stock split at a ratio of between 1for10 and 1for35 to regain compliance with nyse american listing rules the eyecare and skincare products company said it recently received a notice from nyse american that its shares have traded at too low of a price for a substantial period of time the company has until april 3 to either effect a reverse stock split or demonstrate sustained price improvement a reverse stock split doesnt affect the fundamental operations of a company instead it reduces the number of shares outstanding that a company has issued and increases the value of the remaining shares the company said it would hold a special meeting of shareholders on nov 10 like other small publicly traded companies novabay has faced challenging market conditions during 2022 prompting us to seek stockholder approval to effect a reverse stock split and to raise additional capital to fund our business strategy novabay chief executive justin hall said that said we are optimistic about our prospects for continued sales growth shares of novabay rose about 1 to 10 cents in afterhours trade the stock is down 73 this year write to will feuer at willfeuerwsjcom