Cyanotech Receives Delisting Notice
Ticker: CYAND · Form: 8-K · Filed: Feb 14, 2024 · CIK: 768408
| Field | Detail |
|---|---|
| Company | Cyanotech Corp (CYAND) |
| Form Type | 8-K |
| Filed Date | Feb 14, 2024 |
| Risk Level | high |
| Pages | 3 |
| Reading Time | 4 min |
| Key Dollar Amounts | $0.02, $1.00 |
| Sentiment | bearish |
Sentiment: bearish
Topics: delisting, regulatory-filing, listing-compliance
TL;DR
**Cyanotech just got a delisting notice, big trouble for its stock's exchange status.**
AI Summary
Cyanotech Corporation filed an 8-K on February 14, 2024, reporting an event on February 8, 2024, concerning a "Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing." This indicates the company, incorporated in Nevada, is facing issues with its stock exchange listing requirements.
Why It Matters
A delisting notice signals significant operational or financial challenges for Cyanotech Corporation, potentially leading to its stock being removed from a major exchange, which can severely impact investor confidence and stock liquidity.
Risk Assessment
Risk Level: high — A delisting notice indicates the company has failed to meet exchange requirements, posing a significant risk to its public trading status and investor liquidity.
Key Players & Entities
- Cyanotech Corporation (company) — registrant
FAQ
What is the primary event reported in this 8-K filing?
The primary event reported is a "Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing."
What is the name of the registrant company?
The registrant company is Cyanotech Corporation.
When was the earliest event reported in this filing?
The earliest event reported was on February 8, 2024.
What is Cyanotech Corporation's state of incorporation?
Cyanotech Corporation's state of incorporation is Nevada.
What is the company's Standard Industrial Classification (SIC)?
The company's SIC is MEDICINAL CHEMICALS & BOTANICAL PRODUCTS [2833].
Filing Stats: 950 words · 4 min read · ~3 pages · Grade level 17.4 · Accepted 2024-02-14 16:02:20
Key Financial Figures
- $0.02 — nge on which registered Common Stock , $0.02 par value per share CYAN NASDAQ Capi
- $1.00 — mmon stock had closed below the minimum $1.00 per share requirement for continued lis
Filing Documents
- cyan20240212_8k.htm (8-K) — 29KB
- 0001437749-24-004144.txt ( ) — 163KB
- cyan-20240208.xsd (EX-101.SCH) — 3KB
- cyan-20240208_def.xml (EX-101.DEF) — 12KB
- cyan-20240208_lab.xml (EX-101.LAB) — 15KB
- cyan-20240208_pre.xml (EX-101.PRE) — 12KB
- cyan20240212_8k_htm.xml (XML) — 3KB
01
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
SIGNATURES
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)