Cyanotech is facing
another delisting
Cyanotech Corp. is facing a Nasdaq delisting again after failing to get its stock to $1 or higher for 10 consecutive days.
The Big Island producer of nutritional products from microalgae had until yesterday to meet that requirement but was unable to do so despite its stock climbing 50 percent for the week.
Cyanotech's shares, which were delisted from the Nasdaq National Market on Sept. 23 and moved to the Nasdaq SmallCap Market, closed yesterday at 63 cents. The stock opened 2003 at 40 cents following a 60 percent decline last year.
Jeff H. Sakamoto, chief financial officer for Cyanotech, said the company spoke with Nasdaq representatives earlier this week and expects to receive a letter from Nasdaq on Monday outlining Cyanotech's options. One of those options would include appealing to a Nasdaq listing qualifications panel.
If Cyanotech elects not to appeal, its stock could be delisted within two weeks and forced to trade on the over-the-counter bulletin board.
Currently, two other Hawaii stocks in the Bloomberg Honolulu Star-Bulletin index, Mera Pharmaceuticals Inc. and Ceatech USA Inc., trade over the counter.
"The company is encouraged by the recent appreciation in its stock price," Sakamoto said.
Cyanotech, which last traded at $1 on May 3, 2002, is the top performer in the index this year with a gain of 57.5 percent, just ahead of City Bank parent CB Bancshares Inc., which is up 55.2 percent.
CB Bancshares' stock was given a boost of about 50 percent in April when rival Central Pacific Financial Corp. announced it was making an offer for the bank