Biotech company NovaBay announced its name change to Stablecoin Development Corporation and transformed its digital assets, its share price rose 19% in a single day

Small-cap biotechnology company NovaBay Pharmaceuticals announced that it will change its name to StablecoinDevelopment Corporation and change its stock code from NBY to SDEV. The new code is expected to be officially traded on April 3. After the news was announced, the company's share price rose 19% in a single day to about US$1.40, but it has still fallen more than 95% year-to-date. The company disclosed that as of March 16, it held approximately 2.06 billion SKY tokens with a market value of approximately US$150 million, accounting for approximately 8.8% of the total supply, and has obtained approximately 26.6 million token rewards through pledge. SKY is a Sky Agreement governance token after the MakerDAO ecosystem is rebranded. The above positions stem from a US$134 million private equity financing completed in January this year, with investors including FrameworkVentures, Tether Investments and SkyFrontier Foundation. The company has strategically positioned itself as an "on-chain holding company" model, with long-term participation in protocol level activities as its core. SKY is currently the only approved digital asset under its framework.