Cyan Announces Pricing of $50.0 Million Offering of Convertible Senior Secured Notes and Warrants to Purchase Common Stock

PETALUMA, Calif.--(BUSINESS WIRE)--Cyan, Inc. (NYSE:CYNI) today announced the pricing of $50.0 million aggregate principal amount of its 8.0% Convertible Senior Secured Notes due 2019 and related warrants to purchase 11.25 million shares of the Company’s common stock to be issued to qualified institutional buyers and accredited investors pursuant to Regulation D under the Securities Act of 1933, as amended (the “Securities Act”). In connection with this offering, the Company has the option to issue up to an additional $10.0 million in aggregate principal amount of notes and related warrants within 13 days of the original issuance date. The warrants will expire on December 15, 2017 and will be exercisable on or after January 15, 2016. Certain existing stockholders and officers have agreed to purchase $17.0 million of notes and related warrants.