---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-24-007270"
form_type: "8-K"
ticker: "DYAI"
cik: "0001213809"
company_name: "DYADIC INTERNATIONAL INC"
filed_at: "2024-03-11T23:59:59+00:00"
generated_at: "2026-06-04T23:41:24.314465+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Dyadic closes $6M convertible note financing with insider participation to fund commercialization

## Summary
- $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.

## SEC filing metadata
- accession: 0001437749-24-007270
- form_type: 8-K
- ticker: DYAI
- cik: 0001213809
- company_name: DYADIC INTERNATIONAL INC
- filed_at: 2024-03-11T23:59:59+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1213809/000143774924007270/0001437749-24-007270-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1213809/000143774924007270/dyai20240308_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-24-007270
- JSON: https://secwatch.observer/filing/0001437749-24-007270.json
- Plain text: https://secwatch.observer/filing/0001437749-24-007270.txt

## Key facts
- Debt Financings
  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
  source text: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1213809/000143774924007270/0001437749-24-007270-index.htm
- Material Agreements
  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
  source text: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1213809/000143774924007270/0001437749-24-007270-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.