Cyanotech Receives Delisting Warning Letter from Nasdaq.Business Editors KAILUA-KONA, Hawaii--(BUSINESS WIRE)--June 18, 2002 Cyanotech Corporation (Nasdaq:CYAN) has received a delisting Delisting When the stock of a company is removed from a stock exchange. Notes: Reasons for delisting include violating regulations and/or failure to meet financial specifications set out by the stock exchange. warning letter from Nasdaq for failure to comply with the $1.00 minimum bid price. Cyanotech now has 90 calendar days, or until September Until September is a 1984 romantic drama set in France. It stars Karen Allen as an American tourist in Paris who falls in love with a married Frenchman (Thierry Lhermitte). External links 16, 2002, to regain compliance. If the bid price of the Company's common stock closes at $1.00 per share or more for a minimum of 10 consecutive trading days In Business, the trading day is the time span that a particular stock exchange is open. For example, the New York Stock Exchange is, as of 2006, open from 09:30AM to 4:00PM. Trading days never take place on weekends. prior to September 16, 2002, the Nasdaq staff will provide written notification that the Company is in compliance. However, if the Company is unable to regain compliance prior to September 16, 2002, it intends to apply for listing on The Nasdaq SmallCap Market, which makes available a 180 calendar day SmallCap Market grace period, or until December 16, 2002 to regain compliance. The Company will also then be eligible for an additional 180 calendar day grace period, or until June 16, 2003 to demonstrate compliance provided that it meets additional Nasdaq listing criteria for the SmallCap Market, which Cyanotech currently does. Furthermore, the Company may be eligible to transfer back to The Nasdaq National Market if, by June 12, 2003, its bid price maintains the $1.00 per share requirement for 30 consecutive trading days and it has maintained compliance with all other continued listing requirements Listing requirements Requirements, including minimum shares outstanding, market value, and income, that are laid down by an exchange for any stock to be listed for trading. , which it currently does. "Although our intention is to remain on the Nasdaq National Market, we now have the option of moving to the $45-billion Nasdaq SmallCap Market, where we would join over 700 other companies," said Ronald Scott, chief financial officer and executive vice president of Cyanotech. "Our stock reached its all-time high of $14.875 in November 1995 on The Nasdaq SmallCap Market." Regarding the Company's prospects during the coming months, Mr. Scott noted that Cyanotech is operating at full capacity to produce its products for current and projected demand. Besides marketing under its own brand, the Company's principal product for the future, BioAstin(R), is now being incorporated or is under consideration for use by a number of the leading dietary supplement Noun 1. dietary supplement - something added to complete a diet or to make up for a dietary deficiency diet - a prescribed selection of foods vitamin pill - a pill containing one or more vitamins; taken as a dietary supplement and skin care companies in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and overseas. -- Cyanotech Corporation, the world's leader in microalgae technology, produces high-value natural products from microalgae, and is the world's largest commercial producer of natural astaxanthin (pronounced "asta-zan-thin") from microalgae. Products include BioAstin(R) natural astaxanthin, a powerful antioxidant antioxidant, substance that prevents or slows the breakdown of another substance by oxygen. Synthetic and natural antioxidants are used to slow the deterioration of gasoline and rubber, and such antioxidants as vitamin C (ascorbic acid), butylated hydroxytoluene with expanding applications as a human nutraceutical; NatuRose(R) natural astaxanthin for the aquaculture aquaculture, the raising and harvesting of fresh- and saltwater plants and animals. The most economically important form of aquaculture is fish farming, an industry that accounts for an ever increasing share of world fisheries production. and animal feed industries; Spirulina spirulina Any cyanobacteria in the genus Spirulina. A traditional food source in parts of Africa and Mexico, spirulina is an exceptionally rich source of vitamins, minerals, and protein, and one of the few nonanimal sources of vitamin B12. Pacifica(R), a nutrient-rich dietary supplement; and phycobiliproteins, which are fluorescent pigments used in the immunological diagnostics market. Spirulina and BioAstin are sold directly online through www.nutrex-hawaii.com and www.bioastinxp.com as well as through resellers in over 30 countries. Corporate and product information is available at www.cyanotech.com |
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