Gate News reports that on March 23, biotechnology company NovaBay announced a strategic transformation, rebranding as Stablecoin Development Corporation and entering the digital asset space. Following the announcement, the company’s stock price rose approximately 19%.
The company plans to change its stock ticker from NBY to SDEV, which is expected to take effect on April 3. On that day, the stock price rose to about $1.40, but it has still declined more than 95% year-to-date.
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. Additionally, the company has earned about 26.6 million tokens through staking mechanisms, with its rewards linked to Sky ecosystem governance parameters and participation levels.
This move stems from a $134 million private placement completed in January this year, with investors including Framework Ventures, Tether Investments, and Sky Frontier Foundation.
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