Posted at 11:52 a.m., Monday, September 15, 2003
Cyanotech appeals delisting by Nasdaq
By David Butts
Advertiser Staff Writer
Nasdaq has 45 days from Friday to set a hearing for the appeal. During the appeals process, the scheduled delisting will be stayed and the company's common stock will continue to trade.
Cyanotech shares (ticker symbol CYAN) rose 12 cents today to close at 71 cents on trading volume of 229,750 shares, well above the 65,965 average volume for the past six months.
The share price has been below $1 since May 2002. The technology-laden Nasdaq exchange has a rule that allows the exchange to remove a company if its price remains below $1.
Cyanotech has lost money in all but three quarters since June 1997. In the most recent quarter, Cyanotech narrowed its net loss by 82 percent. It reported a loss of $141,000, or 1 cent per share, on sales of $2.43 million.
