Cyanotech Convertible Subordinated Debentures - May 2000
Based out of Kailua-Kona, Hawaii, Cyanotech Corporation produces all natural, functional nutrients that leverage our experience and reputation for quality, building nutritional brands which promote health and well-being. The Company is currently producing microalgae products for the nutritional supplement and immunological diagnostics markets in addition to microalgae-based products and food coloring markets. In 2000, Cyanotech announced that it has completed a private placement of 6% convertible subordinated debentures due 2002. The debentures are convertible into shares of common stock of the Company at $1.50 per share.
Taglich Brothers Inc. managed the placement to accredited investors. Together, the financing, net proceeds of the refinancing, and working capital loans looked to further strengthen Cyanotech as they seeked to broaden the markets of their three primary products: BioAstin(TM), NatuRose(TM) and Spirulina Pacifica(TM).
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