---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-22-029352"
form_type: "8-K"
ticker: "CYAN"
cik: "0000768408"
company_name: "CYANOTECH CORP"
filed_at: "2022-12-19T23:59:59+00:00"
generated_at: "2026-06-21T02:57:09.350379+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.4
calibrated_materiality_score: 0.4
confidence: "high"
source: SEC EDGAR
---

# Cyanotech increases revolving credit line from $500K to $1M; extends maturity to April 2025

## Summary
- Maximum revolving amount raised from $500,000 to $1,000,000 under amended promissory note.
- Maturity date extended from April 12, 2024 to April 12, 2025.
- Lender Skywords Family Foundation is controlled by Chairman Michael Davis (related-party transaction).
- Outstanding principal balance as of amendment date was $1,000,000 (full amount drawn).
- All other terms of the original note remain unchanged.

## SEC filing metadata
- accession: 0001437749-22-029352
- form_type: 8-K
- ticker: CYAN
- cik: 0000768408
- company_name: CYANOTECH CORP
- filed_at: 2022-12-19T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.4
- calibrated_materiality_score: 0.4
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/768408/000143774922029352/0001437749-22-029352-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/768408/000143774922029352/cyan20221219_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-22-029352
- JSON: https://secwatch.observer/filing/0001437749-22-029352.json
- Plain text: https://secwatch.observer/filing/0001437749-22-029352.txt

## Key facts
- Debt Financings
  CYANOTECH CORP amended loan of increases the revolving amount that the Company may borrow from time to time under the Note from $500,000 to $1,000,000 with Skywords Family Foundation, Inc. maturing April 12, 2025.
  - Instrument: loan
  - Principal: increases the revolving amount that the Company may borrow from time to time under the Note from $500,000 to $1,000,000
  - Counterparty: Skywords Family Foundation, Inc.
  - Maturity: April 12, 2025
  - Event: amendment
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/768408/000143774922029352/0001437749-22-029352-index.htm
- Material Agreements
  CYANOTECH CORP amended First Amendment to Amended and Restated Promissory Note with Skywords Family Foundation, Inc. valued at $500,000 to $1,000,000 (effective 2022-12-14).
  - Action: amendment
  - Agreement: credit facility
  - Counterparty: Skywords Family Foundation, Inc.
  - Value: $500,000 to $1,000,000
  - Effective: 2022-12-14
  source text: On December 14, 2022, Cyanotech Corporation (the “Company”) entered into a First Amendment (the “Amendment”) to the Amended and Restated Promissory Note with Skywords Family Foundation, Inc. (“Skywords”), 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/768408/000143774922029352/0001437749-22-029352-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.