Cyanotech Corporation announced that on December 14, 2022, the Company entered into a First Amendment to the Amended and Restated Promissory Note with Skywords Family Foundation Inc., dated as of April 12, 2021 (the Note). The Amendment increases the revolving amount that the Company may borrow from time to time under the Note from $500,000 to $1,000,000 and extends the maturity date to April 12, 2025. 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.