Cyanotech increases revolving credit facility with Skywords from $1M to $2M

CYANOTECH CORP

Second Amendment to Amended and Restated Promissory Note increases maximum revolving amount from $1,000,000 to $2,000,000.
Outstanding principal balance on note was $1,000,000 and on revolver $750,000 as of August 14, 2023.
Lender Skywords Family Foundation is controlled by Chairman/largest stockholder Michael Davis, a related-party transaction.
All other terms of the Note remain unchanged.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

CYANOTECH CORP amended Second Amendment with Skywords Family Foundation, Inc. valued at $1,000,000 to $2,000,000 (effective 2023-08-14).

Action: amendment
Agreement: credit facility
Counterparty: Skywords Family Foundation, Inc.
Value: $1,000,000 to $2,000,000
Effective: 2023-08-14

Exact text from the filing

On August 14, 2023, Cyanotech Corporation (the "Company") entered into a Second Amendment (the "Amendment") to the Amended and Restated Promissory Note with Skywords Family Foundation, Inc. ("Skywords"), dated as of April 12, 2021 and amended on December 14, 2022 (the "Note").

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Source: SEC EDGAR

accession 0001437749-23-024061

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