Key Players in the CYAN Saga


Key Players in the Michael A. Davis / Cyanotech saga

Cyanotech Corporation (CYAN)
Cyanotech (Nasdaq: CYAN) is a publicly-traded algae-based supplements production and marketing company located on the Kona Coast of Hawaii. The company generates annual revenue of approximately $32M.

Michael A. Davis (Davis)
Michael A. Davis is Cyanotech’s largest shareholder since 2002. Davis has been on the company’s board of directors since 2003, and Chairman of Cyanotech’s board since early 2011.

Skywords Family Foundation (Skywords)
Skywords Family Foundation is a not-for-profit private foundation created and managed by Davis. Skywords functions as Davis’ family office. Skywords was formed in 2003 around the time Davis became Chairman of Cyanotech.

Rudolf Steiner Foundation (RSF)
Rudolf Steiner Foundation d/b/a RSF Social Finance is Cyanotech’s second largest shareholder. RSF is a non-profit 501(c)(3) that provides capital to non-profit and for-profit social enterprises addressing key issues in the area of food and agriculture, education and arts, and ecological stewardship. Together Davis/RSF control 33% of Cyanotech’s  public voting stock.

Ginungagap Foundation (Ginungagap)
Ginungagap was incorporated in November 2004 as a non-profit Type 1 Supporting Organization for RSF. As a “Type 1 Supporting Organization,” Ginungagap can be viewed as a Direct Operating Subsidiary of RSF (See IRS.gov)  Michael Davis is President of Ginungagap. Upon information and belief,  RSF Chairman Mark Finser and his Father, RSF Director Siegfried Finser, occupy the two other Ginungagap board seats.   Ginungagap is known to have two primary assets: (1) a significant block of Cyanotech stock that is held for Ginungagap’s benefit by RSF and (2) Filigreen Farm, an agricultural property in Mendocino County CA that operates as a vineyard and was acquired and developed by Davis and RSF.

Yggdrasil Land Foundation (Yggdrasil)
Yggdrasil was incorporated as a Type 1 Supporting Organization for RSF, similar to Ginungagap.  It is chartered to receive land and hold conservation easements. Yggdrasil acquired portions of Filigreen Farm property as its first donation around the time they were formed in December 2000.

Meridian OHC Partners (Meridian)
Meridian is the hedge fund suing Davis and RSF in Nevada District Court. Meridian alleges Davis and RSF have comprised an “Undisclosed Group” starting no later than 2011 when Davis became Chairman of Cyanotech’s Board. Meridian has argued that Davis has long engaged in a practice of “parking” shares of Cyanotech with RSF in violation of Section 13(d) of the Exchange Act.