Cyanotech Corporation Increases Borrowing Capacity to $4.6 Million in Amended Agreement with Skywords Family Foundation
Cyanotech Corporation has entered into a Fifth Amendment to its existing Amended and Restated Promissory Note with Skywords Family Foundation, Inc. The amendment, effective August 29, 2025, increases the company's borrowing capacity from $4,000,000 to $4,600,000 on a revolving basis and reduces the minimum draw amount from $250,000 to $200,000. Additionally, the maturity date of the revolving credit line has been extended from April 12, 2026, to April 12, 2027. Skywords Family Foundation is controlled by Michael Davis, who is the Chairman of the Board of Directors and the largest stockholder of Cyanotech. All other terms of the promissory note remain unchanged. The full text of the amendment is filed as Exhibit 10.1 in the company's Form 8-K report.
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