CYANOTECH CORP
For the period ended Aug 9, 2024. Filed Aug 13, 2024.
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A notice of a major event between regular reports, such as results, a deal or a change of executives. It is often the first formal record of the news.
Aug 9, 2024 · Filed Aug 13, 2024
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(Former name or former address, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act: none
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| Item 1.01. | Entry into a Material Definitive Agreement. |
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On August 9, 2024, Cyanotech Corporation (the “Company”) entered into a Third Amendment (the “Amendment”) to the Amended and Restated Promissory Note with Skywords Family Foundation, Inc. (“Skywords”), dated as of April 12, 2021 and amended on December 14, 2022 and August 13, 2023 (the “Note”). The Amendment increases the amount that the Company may borrow from time to time under the Note from $2,000,000 to $4,000,000 on a revolving basis (the “Revolver”), amends the maturity date of the Revolver from April 12, 2025 to April 12, 2026, and amends the maturity date of the Note from April 12, 2025 to April 12, 2027. All other terms of the Note remain the same. As of the date of the Amendment, the outstanding principal balance on the Note was $1,000,000 and the outstanding balance on the Revolver was $1,500,000. Skywords is controlled by Michael Davis, the Company’s Chairman of the Board of Directors and largest stockholder.
The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.
| Item 2.03. | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
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The disclosure in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.
| Item 9.01 | Financial Statements and Exhibits. |
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(d) Exhibits
| Exhibit Number | Name and/or Identification of Exhibit |
| 10.1 | Third Amendment to Amended and Restated Promissory Note, dated August 9, 2024, by and between Skywords Family Foundation, Inc. and Cyanotech Corporation |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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