Cyanotech transfer OK'd

Advertiser Staff

Cyanotech Corp. yesterday announced that Nasdaq approved its application to transfer its common stock from the Nasdaq National Market System to the Nasdaq SmallCap Market effective Monday.

In June, the company received a delisting warning letter from Nasdaq for failure to comply with the $1 minimum bid price. Cyanotech said it had until Sept. 16 to regain compliance: The bid price of the company's common stock must close at $1 a share or more for a minimum of 10 consecutive trading days.

The company's stock closed unchanged yesterday at 55 cents a share. Cyano-tech's common stock will continue trading under its current symbol CYAN.