Cyanotech Corp Enters Loan Agreement
Ticker: CYAND · Form: 8-K · Filed: Aug 13, 2024 · CIK: 768408
| Field | Detail |
|---|---|
| Company | Cyanotech Corp (CYAND) |
| Form Type | 8-K |
| Filed Date | Aug 13, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $2,000,000, $4,000,000, $1,000,000, $1,500,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: debt, financing
Related Tickers: CYAN
TL;DR
CYAN just signed a loan agreement, creating a new debt obligation.
AI Summary
On August 9, 2024, Cyanotech Corporation entered into a material definitive agreement, specifically a loan agreement. This agreement creates a direct financial obligation for the company, impacting its balance sheet. The filing also includes financial statements and exhibits related to this transaction.
Why It Matters
This loan agreement signifies a new financial obligation for Cyanotech Corporation, which could impact its liquidity and future financial strategy.
Risk Assessment
Risk Level: medium — Entering into a new loan agreement introduces financial leverage and repayment obligations, which carry inherent risks.
Key Players & Entities
- Cyanotech Corporation (company) — Registrant
- August 9, 2024 (date) — Date of earliest event reported
FAQ
What is the nature of the material definitive agreement entered into by Cyanotech Corporation?
Cyanotech Corporation entered into a loan agreement on August 9, 2024.
What is the date of the earliest event reported in this 8-K filing?
The date of the earliest event reported is August 9, 2024.
What type of financial obligation does the loan agreement create for Cyanotech Corporation?
The loan agreement creates a direct financial obligation for Cyanotech Corporation.
What other information is included in this 8-K filing besides the material definitive agreement?
The filing also includes financial statements and exhibits.
In which state is Cyanotech Corporation incorporated?
Cyanotech Corporation is incorporated in Nevada.
Filing Stats: 666 words · 3 min read · ~2 pages · Grade level 13 · Accepted 2024-08-13 16:23:27
Key Financial Figures
- $2,000,000 — w from time to time under the Note from $2,000,000 to $4,000,000 on a revolving basis (the
- $4,000,000 — time under the Note from $2,000,000 to $4,000,000 on a revolving basis (the "Revolver"),
- $1,000,000 — nding principal balance on the Note was $1,000,000 and the outstanding balance on the Revo
- $1,500,000 — outstanding balance on the Revolver was $1,500,000. Skywords is controlled by Michael Davi
Filing Documents
- cyan20240813_8k.htm (8-K) — 28KB
- ex_714306.htm (EX-10.1) — 17KB
- 0001437749-24-026409.txt ( ) — 170KB
- cyan-20240809.xsd (EX-101.SCH) — 3KB
- cyan-20240809_def.xml (EX-101.DEF) — 10KB
- cyan-20240809_lab.xml (EX-101.LAB) — 14KB
- cyan-20240809_pre.xml (EX-101.PRE) — 11KB
- cyan20240813_8k_htm.xml (XML) — 3KB
01
Item 1.01. Entry into a Material Definitive Agreement. On August 9, 2024, Cyanotech Corporation (the "Company") entered into a Third Amendment (the "Amendment") to the Amended and Restated Promissory Note with Skywords Family Foundation, Inc. ("Skywords"), dated as of April 12, 2021 and amended on December 14, 2022 and August 13, 2023 (the "Note"). The Amendment increases the amount that the Company may borrow from time to time under the Note from $2,000,000 to $4,000,000 on a revolving basis (the "Revolver"), amends the maturity date of the Revolver from April 12, 2025 to April 12, 2026, and amends the maturity date of the Note from April 12, 2025 to April 12, 2027. All other terms of the Note remain the same. As of the date of the Amendment, the outstanding principal balance on the Note was $1,000,000 and the outstanding balance on the Revolver was $1,500,000. Skywords is controlled by Michael Davis, the Company's Chairman of the Board of Directors and largest stockholder. The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.
03
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The disclosure in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits Exhibit Number Name and/or Identification of Exhibit 10.1 Third Amendment to Amended and Restated Promissory Note, dated August 9, 2024, by and between Skywords Family Foundation, Inc. and Cyanotech Corporation 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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: August 13, 2024 /s/ Felicia Ladin By: Felicia Ladin Chief Financial Officer, Vice President – Finance & Administration, and Treasurer (Principal Financial Officer) EXHIBIT INDEX Exhibit Number Name and/or Identification of Exhibit 10.1 Third Amendment to Amended and Restated Promissory Note, dated August 9, 2024, by and between Skywords Family Foundation, Inc. and Cyanotech Corporation 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)