Cyanotech regains Nasdaq compliance

Cyanotech Corporation (Nasdaq Capital Market: CYAN), a world leader in microalgae-based, high-value nutrition and health products, today announced that it had received notice from the Nasdaq Stock Market on June 30, 2010 of full compliance with Listing Rules required for its continued listing on the The Nasdaq Capital Market.

On March 8, 2010, Nasdaq issued a non-compliance notice to the Company given the appointment of David I. Rosenthal as Interim President and CEO and his concurrent resignation from the Audit Committee of the Board of Directors due to his temporary executive position. The non-compliance notice was due to the Board having fewer than three independent directors on its audit committee and having less than a majority of non-executive, independent directors. On March 31, 2010, the Board was restored to compliance upon the resignation from the Board by the prior President and CEO, leaving a majority of non-executive, independent directors plus only two executive directors. On June 23, 2010, the Board of Directors appointed Michael A. Davis, an independent director, to the Audit Committee. Upon its notification of this action to Nasdaq, the Company completed its requirements for return to full compliance.

SOURCE Cyanotech Corporation