NovaBay Rebrands To Stablecoin Development Corp, Shares Jump 12 Percent

NovaBay Rebrands To Stablecoin Development Corp, Shares Jump 12 Percent

Shares of NovaBay Pharmaceuticals (NYSE: $NBY) were up over 12 percent on Monday after the company said it will rebrand as Stablecoin Development Corporation and update the company stock symbol to "SDEV" starting on Friday, April 3.

The California based firm, which divested its legacy eyecare and wound care brands late last year will focus exclusively on the Sky (CRYPTO: $SKY) protocol ecosystem, a decentralized financial infrastructure built around the USDS (CRYPTO: $USDS) stablecoin.

According to the release today, the company says its earned approximately 26.6 million SKY token rewards since it first began staking.

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“We are building the premier public market vehicle to access cash flows within the growing stablecoin economy,” said Michael Kazley, Chief Executive Officer of SDEV. “The name change to Stablecoin Development Corporation reflects our conviction that stablecoins represent the most compelling structural opportunity in digital finance.”

In a release last week the company reported that its treasury held approximately 2.06 billion SKY tokens, representing roughly 8.78% of the total circulating supply, a position the firm noted was built through a Tether and Framework backed $134 million private placement in January.

In its most recent annual report, the firm reported a $33.2 million net loss from continuing operations, primarily due to non-cash valuation adjustments.

Management expects its current liquidity to fund operations through at least March 2027.

Shares of NovaBay are trading at $1.30, up 12.07 percent.

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