Published on March 15, 2010 at 5:28 AM
Cyanotech Corporation (Nasdaq Capital Market: CYAN) has been notified by
the Nasdaq Listing Qualifications Panel that it is not in compliance
with its continued listing requirements under Nasdaq Listing Rules
5605(b)(1) and 5605(c)(2)(A) due to having only three independent
directors of six total directors on its Board and fewer than three
independent directors on its audit committee, while David I. Rosenthal
serves as Interim President and CEO, as announced on March 1, 2010. Mr.
Rosenthal has resigned from the audit committee in order to accept his
interim appointment as an executive officer. Nasdaq rules require that
the Board be comprised of a majority of independent directors and that
the audit committee be comprised of only independent directors of which
there must be at least three. The notification indicated that so long as
Cyanotech provides an acceptable plan within 45 days to regain a
majority of independent directors to the Board and to add a third
independent member to the audit committee, NASDAQ will consider granting
Cyanotech an exception for up to 180 days from March 8, 2010. Cyanotech
intends to provide a plan acceptable to Nasdaq within the required time
period.
Source Cyanotech Corporation