false 0000768408 0000768408 2024-02-08 2024-02-08
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
Form 8-K
 
Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
February 8, 2024
Date of Report: (Date of earliest event reported)
Cyanotech Corporation
(Exact name of registrant as specified in its charter)
 
Nevada
(State or other jurisdiction of
incorporation)
000-14602
(Commission File Number)
91-1206026
(IRS Employer Identification
Number)
 
73-4460 Queen Kaahumanu Highway, Suite #102, Kailua Kona, HI 96740
(Address of principal executive offices)
 
(808) 326-1353
(Registrant’s telephone number)
 
Not Applicable
(Former name or former address, if changed since last report)
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $0.02 par value per share
CYAN
NASDAQ Capital Market
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
 
Emerging growth company ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ 
 
 
 
 
 
Item 3.01.
Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
 
On August 10, 2023, Cyanotech Corporation (the “Company”) received a notification letter (the “Notice”) from the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that, for the last 30 consecutive business days, the bid price for the Company’s common stock had closed below the minimum $1.00 per share requirement for continued listing on Nasdaq under Nasdaq Listing Rule 5550(a)(2) (“Bid Price Rule”).
 
The Notice provided that, in accordance with Nasdaq Listing Rule 5810(c)(3)(A) (the Compliance Period Rule), the Company has an initial period of 180 calendar days from the date of the Notice, or until February 6, 2024 (the “Compliance Date”), to regain compliance with the Bid Price Rule.
 
If the Company is not in compliance with the Bid Price Rule by the Compliance Date, the Company may qualify for a second 180 calendar day compliance period, provided it meets the continued listing requirements for the market value of publicly held shares and all other applicable requirements for initial listing on Nasdaq (except for the Bid Price Rule). If the Company does not qualify for or fails to regain compliance during the second compliance period, then the Staff will provide written notification to the Company that its common stock will be subject to delisting.
 
On February 8, 2024, the Company received a notification letter from the Staff that the Company has not regained compliance with the Bid Price Rule and is not eligible for a second 180-day period. Nasdaq has determined that the Company’s securities will be scheduled for delisting from Nasdaq and will be suspended at the opening of business on February 20, 2024, and a Form 25-NSE will be filed by Nasdaq with the Securities and Exchange Commission to remove the Company’s common stock securities from listing and registration on Nasdaq.
 
The Company expects that its common stock will be eligible to be traded over-the-counter, however, no assurance can be given that trading of the Company’s common stock will be commenced or maintained on an over-the-counter markets or any other quotation medium.
 
Forward-Looking Statement Disclaimer
 
The Company includes in this Current Report on Form 8-K “forward-looking statements” within the meaning of the federal securities laws. A reader can identify forward-looking statements because they are not limited to historical fact or they use words such as “expects”, “estimates”, “intends”, and similar expressions that concern the Company’s strategy, plans, intentions or beliefs about future occurrences or results, including without limitation, statements regarding the Company’s current expectations and intentions with respect to the price of its common stock or alternatives to cure the Nasdaq continued listing requirement deficiency. It is very difficult to predict the effect of know factors, and the Company cannot anticipate all factors that could affect actual results that may be important to an investor. All forward-looking information should be evaluated in the context of these risks, uncertainties and other factors, including those factors disclosed in this Current Report and those factors disclosed under “Risk Factors” in the Company's Annual Report on Form 10-K filed with the SEC on June 27, 2023 and the Company’s subsequent reports filed with the SEC.
 
All forward-looking statements in this Current Report on Form 8-K are based on information available to the Company as of the date hereof. The Company undertakes no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.
 
 
 
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
CYANOTECH CORPORATION 
  
       
       
       
Dated: February 14, 2024 
/s/ Felicia Ladin
  
 
By: Felicia Ladin
  
   
Chief Financial Officer, Vice President – 
Finance & Administration, and Treasurer
(Principal Financial Officer)
  
 
 
v3.24.0.1
Document And Entity Information
Feb. 08, 2024
Document Information [Line Items]  
Entity, Registrant Name Cyanotech Corporation
Document, Type 8-K
Document, Period End Date Feb. 08, 2024
Entity, Incorporation, State or Country Code NV
Entity, File Number 000-14602
Entity, Tax Identification Number 91-1206026
Entity, Address, Address Line One 73-4460 Queen Kaahumanu Highway
Entity, Address, Address Line Two Suite #102
Entity, Address, City or Town Kailua Kona
Entity, Address, State or Province HI
Entity, Address, Postal Zip Code 96740
City Area Code 808
Local Phone Number 326-1353
Title of 12(b) Security Common Stock
Trading Symbol CYAN
Security Exchange Name NASDAQ
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity, Emerging Growth Company false
Amendment Flag false
Entity, Central Index Key 0000768408
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