KAILUA KONA, Hawaii--(BUSINESS WIRE)--Cyanotech Corporation (Nasdaq:CYAN) received a determination letter from the Nasdaq Listing Qualifications Panel dated December 18, 2006.
In its determination letter, the Panel decided that the Company should be granted an exception, until February 20, 2007, within which to remedy its late filings of Form 10-Q for the quarter ended June 30, 2006, Form 10-Q for the quarter ended September 30, 2006, and any required restatements. The Panel’s determination represents the full extent of the Panel’s authority to grant an exception pursuant to Marketplace Rule 4002(b). The late filings and required restatements are due to the Company’s previously announced and currently ongoing review of an historic inventory accounting issue.
