Nasdaq warns Cyanotech about lack of independent directors
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.