Cyan Announces Proposed $50 Million Offering of Convertible Senior Secured Notes and Warrants to Purchase Common Stock

PETALUMA, Calif.--(BUSINESS WIRE)--Cyan, Inc. (NYSE:CYNI) today announced that it intends to offer $50,000,000 aggregate principal amount of Convertible Senior Secured Notes due 2019 and related warrants to purchase shares of the Company’s common stock 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 $10,000,000 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. Unless the Company obtains stockholder approval to issue additional shares, the warrants will be cash settled.