DYADIC INTERNATIONAL INC (DYAI): debt financing — Dyadic closes $6M convertible note financing with insider participation to fund commercialization

DYADIC INTERNATIONAL INC

$6M aggregate principal, 8% senior secured convertible notes, due March 2027, conversion at $1.79/share.
Purchasers include CEO Mark Emalfarb's family members and The Francisco Trust (>5% holder).
Net proceeds of ~$5.85M after expenses; intended for working capital and corporate purposes.
Funds to accelerate C1 and Dapibus platform commercialization after positive Phase I clinical results.
Registration rights agreement filed for shares underlying the convertible notes.

item 1.01 item 2.03 item 3.02 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

DYADIC INTERNATIONAL INC incurred convertible notes of $6,000,000 with immediate family members and family trusts related to Mark Emalfarb, including The Francisco Trust U/A/D February 28, 1996 at 8% per annum maturing March 8, 2027.

Instrument: convertible notes
Principal: $6,000,000
Counterparty: immediate family members and family trusts related to Mark Emalfarb, including The Francisco Trust U/A/D February 28, 1996
Rate: 8% per annum
Maturity: March 8, 2027
Event: incurrence

Exact text from the filing

On March 8, 2024, Dyadic International, Inc. (the “Company”) entered into a securities purchase agreement (the “Securities Purchase Agreement”) pursuant to which the Company issued 8.0% Senior Secured Convertible Promissory Notes due March 8, 2027 in an aggregate principal amount of $6.0 million (the “Convertible Notes”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

DYADIC INTERNATIONAL INC entered into Securities Purchase Agreement with The Francisco Trust U/A/D February 28, 1996 and immediate family members and family trusts related to Mark Emalfarb valued at $6.0 million (effective 2024-03-08).

Action: entry
Agreement: equity purchase
Counterparty: The Francisco Trust U/A/D February 28, 1996 and immediate family members and family trusts related to Mark Emalfarb
Value: $6.0 million
Effective: 2024-03-08

Exact text from the filing

On March 8, 2024, Dyadic International, Inc. (the “Company”) entered into a securities purchase agreement (the “Securities Purchase Agreement”) pursuant to which the Company issued 8.0% Senior Secured Convertible Promissory Notes due March 8, 2027 in an aggregate principal amount of $6.0 million (the “Convertible Notes”).

View on SEC.gov

299 debt financings filed in the last 30 days. Browse all debt financings →

DYADIC INTERNATIONAL INC filing history →

Source: SEC EDGAR

accession 0001437749-24-007270

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