NovaBay Pharmaceuticals said it changed its name to Stablecoin Development Corporation and will switch its ticker to SDEV on the NYSE American, effective April 3, 2026.
The company said it held about 2.06 billion SKY tokens as of March 16, 2026, equal to 8.78% of SKY’s total supply. That total included about 943.6 million SKY tokens received as part of its January private placement and about 1.09 billion additional tokens bought on the open market.
The company said it has earned about 26.6 million SKY tokens in cumulative staking rewards since starting on-chain staking. It also said it deployed $70.7 million of private-placement proceeds to buy the open-market tokens at an average price of about $0.065 each.
The January 2026 private placement brought in about $134 million in gross proceeds. The company said that included $25.0 million in cash, $51.0 million in stablecoins, and SKY tokens valued at about $58.0 million.
The financing involved pre-funded warrants for 167,539,226 shares of common stock, adjusted for the company’s 1-for-5 reverse split on Feb. 23, 2026. The company said the warrants carry a weighted-average delay of about 9.9 months before all underlying shares could become eligible for issuance.
The company said its holdings and staking activities are centered on SKY, the only digital asset approved under its operating framework. The market has reacted to these announcements by moving the company's shares 16.39% to a price of $14.77. Check out the company's full 8-K submission here.
