Dyadic announces closing of private placement of $6.0 million convertible notes to accelerate near-term revenue growth and commercialization
Juniper, fla., march 11, 2024 (globe newswire) -- dyadic international, inc. ("dyadic" or the "company") (nasdaq: dyai), a global biotechnology company focused on building innovative microbial protein production platforms to address the growing demand for global protein bioproduction utilizing its advanced microbial platforms to develop and manufacture prophylactic, therapeutic, and nutritional biopharmaceutical products for human and animal health and wellness, announced today that it entered into a securities purchase agreement on march 8, 2024, pursuant to which, the company has sold and issued an aggregate principal amount of $6.0 million of its 8.0% senior secured convertible promissory notes due march 8, 2027 (the “convertible notes”) in a private placement in reliance on the exemption from registration provided by section 4(a)(2) of the securities act of 1933, as amended (the “securities act”). the purchasers of the convertible notes include immediate family members and family trusts related to mark emalfarb, our president and chief executive officer and a member of our board of directors, including the francisco trust, an existing holder of more than 5% of the company's outstanding common stock, (collectively, the “purchasers”).
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