"Because the bulla has been slightly damaged at end of the word nvy, it is not known if it originally ended with the Hebrew letter aleph," explains Mazar, "which would have resulted in the Hebrew word for 'prophet' and would have definitively identified the seal as the signature of the prophet Isaiah. The absence of this final letter, however, requires that we leave open the possibility that it could just be the name Navi. The name of Isaiah, however, is clear." [from the first link in the above message]
Nevertheless, Reut Livyatan Ben-Arie, who studied the bullae from the Ophel with me, suggests that there is enough space for two more letters at the end of the second register: a "w" (vav), the last letter in the name Yesha'yahu, and an "h," the definite article "the" for the word navy' ("prophet"), rendering it hanavy' ("the prophet"). One can wonder why the seal's designer would choose to insert the definite article at the end of the second register instead of at the beginning of the word navy' on third register, where there seems to have been enough space. But, as strange as it may seem to us, this division of words is not unusual in ancient Hebrew writing. In fact, a good example of this can be seen in King Hezekiah's bulla, where the name of his father, Ahaz, spreads over two registers, with the last letter pushed into the lower one. Thus, the spreading of a word over two registers on seals seems to have been accepted, if not common. [from the second link above]