Svmuu News: Biotechnology company NovaBay announced a strategic transformation, planning to change its name to Stablecoin Development Corporation and enter the digital asset space. Stimulated by this news, the company's stock price rose by approximately 19%.
The company plans to change its stock ticker from NBY to SDEV, expected to take effect on April 3. Despite the stock price rising to about $1.40 on the day, it has still accumulated a decline of over 95% for the year.
As the core of its transformation, NovaBay disclosed that it holds approximately 2.06 billion SKY tokens, valued at around $150 million, accounting for about 8.8% of the total supply. Simultaneously, the company has earned approximately 26.6 million token rewards through a staking mechanism. Its returns will be linked to the Sky ecosystem's governance parameters and its level of participation, rather than relying solely on price appreciation.
This move stems from a $134 million private placement completed in January this year. Investors included Framework Ventures, Tether Investments, and the Sky Frontier Foundation, indicating rising institutional interest in stablecoin-related infrastructure.