Cyanotech Corporation announced that it has entered into subscription agreement and completed a non-brokered private placement of 400,000 shares of its common stock, par value $0.02 per share at a price of $1 per share for aggregate gross proceeds of $400,000 on December 15, 2023. The transaction included participation from the new investor, Michael Arlen Davis Revocable Trust. The Shares are restricted securities under applicable federal securities laws and are subject to certain piggyback registration rights as provided for in the Subscription Agreement.

The Michael Arlen Davis Revocable Trust subscribed for 400,000 shares of its common stock.