Full Press Release Details
| News Release | Contact: Bruce Russell/RCG | |
| 310-559-4955x101 | ||
| brucerussell@ruscom.com |
Cyanotech Receives Delisting Notice from Nasdaq Due to Late Filing of Form 10-Q, Regains Compliance with Nasdaq Capital Market s Minimum Bid Price Requirement
KONA, Hawaii (November 20, 2006) Cyanotech
Corporation (Nasdaq: CYAND) announced today that it received a Staff
Determination from The Nasdaq Stock Market on November 16, 2006 indicating that
the Company is not in compliance with the requirements for continued listing
under Marketplace Rule 4310(c)(14) because of its failure to file its Report on
Form 10-Q for the quarter ended September 30, 2006.
As previously reported on November 14, 2006, the
Company announced that it will have to delay filing its
Form 10-Q for the second quarter of fiscal year 2007 (and continue to delay the
filing of its first quarter fiscal year 2007 Form 10-Q) because the Company s
independent registered public accounting firm has not yet rendered any decision
with respect to a previously announced accounting issue involving the Company s
historic inventory accounting method.
The Company hoped to file both reports by November 30, 2006, announcing
that this was subject to the requirements of the independent registered public
accounting firm. The Company now believes that such filing will take place
before December 15, 2006.
The Company will contest the current Staff
Determination with the Nasdaq Listing Qualifications Panel. Cyanotech still awaits the results of its
October 12, 2006 Hearing before the Nasdaq Listing Qualifications Panel which
addressed deficiencies in the Company s minimum bid price and failure to file
its Form 10-Q for the period ending June 30, 2006.
A one-for-four reverse split of the Company s common
stock on November 3, 2006 brought the Company s common stock into compliance
with Nasdaq Capital Market s minimum bid price requirement as the Company has
been informed by Nasdaq in a letter dated November 20, 2006.
Until a decision is made by the Panel on the other
deficiencies, the Company s common stock will remain listed on The NASDAQ
Capital Market. Because of the Company s
reverse split of its common stock, the stock is currently trading under symbol CYAND
until December 5, 2006 and then will change back to symbol CYAN .
Safe Harbor Statement under the Private
Securities Litigation Reform Act of 1995
Except for statements of
historical fact, the statements in this news release are forward-looking. Such statements are subject to a number of
risks and uncertainties that could cause actual results to differ materially
from the statements made. These factors
include, but are not limited to, general economic conditions, forecasts of
sales in future periods, changes in sales levels to our largest customers,
weather patterns, production problems caused by contamination, risks associated
with the acceptance of new products, competition, foreign exchange
fluctuations, government regulation, and other factors more fully detailed in
the Company s recent Form 10-Q and annual form 10-K filings with the Securities
and Exchange Commission.
Kaahumanu Highway, #102 ~ Kailua-Kona, Hawaii 96740
(808) 326-1353 fax (808) 329-3597 ~ www.cyanotech.com