Full Press Release Details
| News Release | Contact: Bruce Russell | |
| Russell Communications Group | ||
| brucerussell@ruscom.com |
Cyanotech Receives Delisting Notice from NASDAQ Due to Late Filing of Form 10-Q
KONA, Hawaii (August 24, 2006) Cyanotech
Corporation (Nasdaq: CYAN) announced today that it received a Staff
Determination from The Nasdaq Stock Market on August 23, 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 June 30, 2006.
As previously reported, on August 11, 2006, the
Company filed a Form 12b-25 with the Securities and Exchange Commission stating
that the Company was unable to file Form 10-Q for the
quarter ended June 30, 2006 within the prescribed period because, during the
final review of that quarter s results, a matter emerged involving the Company s
historical treatment of certain inventory related costs. Form 12(b)-25 provides for a five-calendar-day
extension of the filing date for Form 10-Q, but, due to the technical
nature of the previously announced accounting matter, the review process
As a result of the foregoing non-compliance, Nasdaq will
suspend trading of Cyanotech s common stock at the opening of business on
September 1, 2006 unless the Company appeals the Staff Determination. Cyanotech will appeal the Staff Determination
and request a Nasdaq Listing Qualifications Panel hearing to review the Staff
Determination. Until a decision is made
by the Panel, the Company s common stock will remain listed on The NASDAQ
Capital Market. There can be no assurance that the Panel will grant the Company s
request for continued listing. As previously announced, the Company s common
stock is also subject to delisting by NASDAQ on November 26, 2006, for failure
to maintain a market price of at least $1.00 per share.
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.
73-4460 Queen Kaahumanu Highway, #102
- Kailua-Kona, Hawaii 96740
326-1353 fax (808) 329-3597 - www.cyanotech.com