NovaBay Pharmaceuticals, Inc. ( NBY ) shares are trading higher after the company announced it reached a definitive agreement to sell its Avenova assets for $9.5 million to Physician Recommended Nutraceuticals.

The Details: The company expects the transaction to close during the 2024 fourth quarter, pending NovaBay shareholder approval.

“I believe we have found an ideal home for Avenova. We expect the brand to continue to grow and flourish under PRN’s capable leadership and their ability to promote Avenova through their existing network of more than 5,000 eyecare professionals,” said NovaBay CEO Justin Hall.

“It’s gratifying to share that more people are using Avenova than ever before and with the support, resources and synergies that PRN can provide, we expect that number to continue to grow.”

How To Buy NovaBay Shares

By now you're likely curious about how to participate in the market for NovaBay Pharmaceuticals ( NBY ) – be it to purchase shares, or even attempt to bet against the company.

Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy ‘fractional shares,' which allows you to own portions of stock without buying an entire share. For example, some stock, like Berkshire Hathaway, or Amazon.com, can cost thousands of dollars to own just one share. However, if you only want to invest a fraction of that, brokerages will allow you to do so.

mIf you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to ‘go short' a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.

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NBY Price Action: At the time of writing, NovaBay stock is trading 25.0% higher at 62 cents per data from Benzinga Pro.

Image: Photo by roberto-sorin for Unsplash