Repays Secured Convertible Promissory Note
"Our upgraded online product listings will allow customers to automate recurring orders, thereby increasing our recurring revenue and improving visibility on future sales," said Justin Hall, NovaBay CEO. "We are already seeing great popularity with the subscription feature, indicating a loyal customer following for Avenova.
"Under the program, subscribers are eligible to receive a discount of up to 10% on repeat deliveries. And, for a limited time, customers can save an additional 10% on their initial subscription shipment by using coupon code ‘10avenova.' Due to expected popularity, we have also made the program available for our NovaWipes and NovaSight™ Eye Health Supplement products on Amazon.com," he added.
The Company further announces that it has made the final payment on a $2.2 million Secured Convertible Promissory Note in accordance with its terms.
"The repayment of the convertible note is also significant for our shareholders as it supports the ongoing strengthening of our balance sheet and future cash position to support current and future growth initiatives," Mr. Hall explained. "It also contributes to our confidence that we will regain compliance with the NYSE American listing standards at the end of the compliance period in mid-October.
"All of these initiatives are further steps in our ability to adapt and thrive in the challenging COVID-19 environment and position the Company for a bright future post-pandemic," Mr. Hall concluded.
In March 2019, NovaBay issued a $2.2 million Secured Convertible Promissory Note bearing interest of 10% per annum to Iliad Research and Trading, L.P. Under the Secured Convertible Promissory Note, the Company was required to make recurring monthly cash payments of $200,000.