Cyanotech Corporation Delays Filing
14 Noviembre 2006 - 7:31PM
Business Wire
Cyanotech Corporation (Nasdaq:CYAND) announced today that it will
continue to delay the filing of its first quarter fiscal year 2007
Form 10-Q and, consequently, will have to delay filing its Form
10-Q for the second quarter of fiscal year 2007. Both 10-Qs are
delayed 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 now hopes to file
both reports by November 30, 2006, but this is subject to the
requirements of the independent registered public accounting firm.
On November 3, 2006, the Company reverse split its Common Stock one
share for four shares. As a result the Company�s common stock has
been trading at more than the $1.00 per share minimum price
required for listing by Nasdaq. The Company�s stock closed today at
$1.73. Therefore, the Company is now in compliance with Nasdaq�s
minimum bid price requirement. Because of the reverse stock split,
the Company�s common stock will trade under the symbol �CYAND�
until December 5, 2006 and will then revert to symbol �CYAN.� The
Company continues to await the results of its previously announced
Nasdaq Listing Qualifications Panel Hearing. The Hearing concerned
both the bid price deficiency discussed above and the deficiency
for late filing of the Company�s Form 10-Q for the quarter ended
June 30, 2006. The Company has informed the Panel that its Form
10-Q for quarter ended September 30, 2006 is also delayed, citing
the review process involving the Company�s independent registered
public accounting firm. �Safe Harbor� Statement under the Private
Securities Litigation Reform Act of 1995 Except for statements of
historical fact, the statements in this press 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 Form 10-Q and annual
form 10-K filings with the Securities and Exchange Commission.
Cyanotech Corporation (Nasdaq:CYAND) announced today that it will
continue to delay the filing of its first quarter fiscal year 2007
Form 10-Q and, consequently, will have to delay filing its Form
10-Q for the second quarter of fiscal year 2007. Both 10-Qs are
delayed 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 now hopes to file
both reports by November 30, 2006, but this is subject to the
requirements of the independent registered public accounting firm.
On November 3, 2006, the Company reverse split its Common Stock one
share for four shares. As a result the Company's common stock has
been trading at more than the $1.00 per share minimum price
required for listing by Nasdaq. The Company's stock closed today at
$1.73. Therefore, the Company is now in compliance with Nasdaq's
minimum bid price requirement. Because of the reverse stock split,
the Company's common stock will trade under the symbol "CYAND"
until December 5, 2006 and will then revert to symbol "CYAN." The
Company continues to await the results of its previously announced
Nasdaq Listing Qualifications Panel Hearing. The Hearing concerned
both the bid price deficiency discussed above and the deficiency
for late filing of the Company's Form 10-Q for the quarter ended
June 30, 2006. The Company has informed the Panel that its Form
10-Q for quarter ended September 30, 2006 is also delayed, citing
the review process involving the Company's independent registered
public accounting firm. "Safe Harbor" Statement under the Private
Securities Litigation Reform Act of 1995 Except for statements of
historical fact, the statements in this press 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 Form 10-Q and annual
form 10-K filings with the Securities and Exchange Commission.
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