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The Honolulu Advertiser
Posted on: Friday, March 12, 2010

Nasdaq warns Cyanotech about lack of independent directors

Advertiser Staff

Cyanotech Corp.’s recent appointment of a director as its interim president and chief executive officer will require it to appoint a new independent director if it wants to maintaining trading its stock on the Nasdaq market.

Nasdaq has warned the Kailua-Kona based company that it is in violation of listing requirements because its board does not have a majority of independent directors board and fewer than the three independent directors needed on the board’s audit committee.
Cyanotech said it plans to provide Nasdaq a plan for appointing new independent board members. The problem resulted from former board member David Rosenthal being appointed as head of the company earlier this month.