Cyanotech Update.KAILUA KONA, Hawaii -- Cyanotech Corporation (Nasdaq:CYAN) announced today that it has filed with the Secretary of State of the State of Nevada a Certificate of Change with respect to the previously announced one-for-four reverse stock split of its common stock par value $0.005 per share. The Certificate of Change provides that the reverse stock split will take effect on November 3, 2006. On that date, each four shares of Cyanotech common stock then outstanding will automatically be deemed to be one share of common stock par value $0.02 per share. Fractional shares will not be issued, but stockholders will be paid the cash value of such shares as of such date in accordance with instructions from the Paying Agent Paying Agent An agent who accepts payments from the issuer of a security and then distributes the payments to the holders of the security. Also known as a "disbursing agent. . Instructions for the exchange of shares and cash payments will be sent to stockholders in the near future. Trading of Cyanotech's common stock on the Nasdaq Capital Market Originally called the NASDAQ Small Cap Market, NASDAQ announced a name change to the NASDAQ Capital Market on September 27, 2005. [1] The NASDAQ Capital Market exists for securities of smaller, less-capitalized companies (small caps) that do not qualify for will not be interrupted. "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 Form 10-Q See 10-Q. and annual form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. filings with the Securities and Exchange Commission. |
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