- Cyan (CYNI) plans to offer $50M worth of convertible senior notes due 2019, and related warrants. An option to issue another $10M exists. The warrants will be exercisable on or after Jan. 15, 2016, and expire on Dec. 15, 2017.
- The optical networking hardware/SDN software vendor had $28.9M in cash and marketable securities at the end of Q3, down from $64.1M at the beginning of the year. Term loans totaled $3.8M.
- With Cyan having a market cap of just $115.5M as of yesterday's close, the offering could prove very dilutive.