I wonder if Andrew Jacobson is selling off his position. He had options on 250,000 shares at less that $2/share. I don't know if any SEC filings are required before what we'll see in the next Proxy statement, but there's no love lost with how he was treated by those two former board members. In his profile on his new company's website (I AM), he doesn't even mention his involvement with Cyanotech.
I would expect a big bounce-back shortly.
RS