Cyanotech Receives Delisting Notice from Nasdaq Due to Late Filing of Form 10-Q, Regains Compliance with Nasdaq Capital Market's
November 20 2006 - 5:39PM
Business Wire
Cyanotech Corporation (Nasdaq:CYAND) announced today that it
received a Staff Determination from The Nasdaq Stock Market on
November 16, 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 September 30, 2006. As previously reported on
November 14, 2006, the Company announced that it will have to delay
filing its Form 10-Q for the second quarter of fiscal year 2007
(and continue to delay the filing of its first quarter fiscal year
2007 Form 10-Q) 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 hoped to file
both reports by November 30, 2006, announcing that this was subject
to the requirements of the independent registered public accounting
firm. The Company now believes that such filing will take place
before December 15, 2006. The Company will contest the current
Staff Determination with the Nasdaq Listing Qualifications Panel.
Cyanotech still awaits the results of its October 12, 2006 Hearing
before the Nasdaq Listing Qualifications Panel which addressed
deficiencies in the Company�s minimum bid price and failure to file
its Form 10-Q for the period ending June 30, 2006. A one-for-four
reverse split of the Company�s common stock on November 3, 2006
brought the Company�s common stock into compliance with Nasdaq
Capital Market�s minimum bid price requirement as the Company has
been informed by Nasdaq in a letter dated November 20, 2006. Until
a decision is made by the Panel on the other deficiencies, the
Company's common stock will remain listed on The NASDAQ Capital
Market. Because of the Company�s reverse split of its common stock,
the stock is currently trading under symbol �CYAND� until December
5, 2006 and then will change back to symbol �CYAN�. �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. Cyanotech
Corporation (Nasdaq:CYAND) announced today that it received a Staff
Determination from The Nasdaq Stock Market on November 16, 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 September 30, 2006. As previously reported on
November 14, 2006, the Company announced that it will have to delay
filing its Form 10-Q for the second quarter of fiscal year 2007
(and continue to delay the filing of its first quarter fiscal year
2007 Form 10-Q) 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 hoped to file
both reports by November 30, 2006, announcing that this was subject
to the requirements of the independent registered public accounting
firm. The Company now believes that such filing will take place
before December 15, 2006. The Company will contest the current
Staff Determination with the Nasdaq Listing Qualifications Panel.
Cyanotech still awaits the results of its October 12, 2006 Hearing
before the Nasdaq Listing Qualifications Panel which addressed
deficiencies in the Company's minimum bid price and failure to file
its Form 10-Q for the period ending June 30, 2006. A one-for-four
reverse split of the Company's common stock on November 3, 2006
brought the Company's common stock into compliance with Nasdaq
Capital Market's minimum bid price requirement as the Company has
been informed by Nasdaq in a letter dated November 20, 2006. Until
a decision is made by the Panel on the other deficiencies, the
Company's common stock will remain listed on The NASDAQ Capital
Market. Because of the Company's reverse split of its common stock,
the stock is currently trading under symbol "CYAND" until December
5, 2006 and then will change back to symbol "CYAN". "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.
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