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HomeNewsCorporateDyadic International Announces $6.0 Million Private Placement of Senior Secured Convertible Promissory...

Dyadic International Announces $6.0 Million Private Placement of Senior Secured Convertible Promissory Notes

Dyadic International, Inc. (NASDAQ: DYAI), a global biotechnology company, has successfully closed a private placement, issuing $6.0 million of its 8.0% Senior Secured Convertible Promissory Notes due March 8, 2027 (Convertible Notes).
The transaction, completed on March 8, 2024, was conducted under the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933.

The Convertible Notes, now senior secured obligations of Dyadic and its affiliates, bear interest at 8% per annum, payable quarterly in cash. The maturity date is set for March 8, 2027, unless converted, repurchased, or redeemed earlier in accordance with the terms outlined in the agreement.

Under the terms of the agreement, the Convertible Notes are convertible into Dyadic’s Class A common stock at the option of the Noteholders at any time before the Maturity Date. The conversion price is set at $1.79 per share, equivalent to 125% of the trailing 30-day VWAP of the Common Stock preceding the securities purchase agreement date.

Mark Emalfarb, President and CEO of Dyadic, expressed gratitude to long-term shareholders for their support, emphasizing the importance of the funding in advancing the company’s revenue growth and global adoption of its innovative microbial protein production platforms. Dyadic’s technologies, particularly the C1 and Dapibus™ protein production platforms, are instrumental in developing prophylactic, therapeutic, and nutritional biopharmaceutical products for human and animal health.

The funds raised will be utilized for working capital and general corporate purposes. Additionally, Dyadic entered into a registration rights agreement with the Purchasers, providing certain customary registration rights related to the shares of Class A common stock issuable upon conversion of the Convertible Notes.

Emalfarb highlighted the transformative safety and reactogenicity results of Dyadic’s first human clinical trial, showcasing the safety of proteins manufactured using the C1 technology platform. With increased industry interest and collaborations, Dyadic anticipates multiple revenue streams in the next two years.

For a comprehensive overview of the transactions and related agreements, interested parties are directed to the Form 8-K filed with the SEC on or about the date of this announcement.

 

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