Dyadic Receives $2.1 Million in Cash from Exercise of Warrants and Stock Options and Announces $1.6 Million Debt-for-Equity Con
03 May 2006 - 10:01PM
Business Wire
Dyadic International, Inc. (AMEX:DIL), a biotechnology company,
announced today that it has received approximately $2.1 million in
proceeds from the exercise of warrants to purchase an aggregate of
approximately 495,000 shares of the Company's common stock at an
exercise price of $3.33 per share, warrants to purchase 50,000
shares of common stock at an exercise price of $5.50 per share, and
stock options to purchase an aggregate of 47,417 shares of common
stock, with exercise prices ranging from $2.08 to $4.50 per share.
Dyadic also announced that on May 1, 2006, the Company's two
largest stockholders increased their stock ownership in the Company
through debt-for-equity conversions of convertible notes due from
Dyadic in the aggregate amount of $1,577,872.06. The Emalfarb
Trust, whose beneficiary is Mark A. Emalfarb, Dyadic's Chief
Executive Officer, President and Chairman, received 251,298 shares
of common stock upon the conversion in full of its convertible
promissory note which had combined principal and accrued interest
of $836,824.15 as of May 1, 2006. The Francisco Trust, whose
beneficiaries are the wife and children of Mr. Emalfarb, received
222,537 shares of common stock upon the conversion in full of its
convertible promissory note which had combined principal and
accrued interest of $741,047.91 as of May 1, 2006. Subsequent to
the conversion of the convertible promissory notes, the Emalfarb
Trust owns 5,822,125 shares and the Francisco Trust owns 4,769,578
shares, representing 24.3% and 19.9%, respectively, of the
Company's outstanding shares of common stock at May 1, 2006.
Additionally, Dyadic announced that on April 30, 2006, the maturity
date of the Revolving Note held by the Emalfarb Trust was extended
from January 1, 2007 to January 1, 2008. The Revolving Note has a
combined principal and accrued interest balance of approximately
$2,440,900 as of May 1, 2006. About Dyadic Dyadic International,
Inc. is engaged in the development, manufacture and sale of
biological products using a number of proprietary fungal strains to
produce enzymes and other biomaterials, principally focused on a
system for protein production based on the patented Chrysosporium
lucknowense fungus, known as C1. Dyadic currently sells more than
45 liquid and dry enzyme products to more than 200 industrial
customers in approximately 50 countries. Dyadic intends to utilize
its patented enabling and proprietary platform technologies on its
own behalf and under license to business collaborators for the
discovery, development and manufacture of biological products from
genes to produce targeted protein products for diverse markets.
Cautionary Statement for Forward-Looking Statements Certain
statements contained in this press release are "forward-looking
statements." These forward-looking statements involve risks and
uncertainties that could cause our actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements. For a discussion of these risks and
uncertainties, please see our filings from time to time with the
Securities and Exchange Commission, which are available free of
charge on the SEC's web site at http://www.sec.gov, including our
Annual Report on Form 10-KSB for the year ended December 31, 2005.
Except as required by law, we expressly disclaim any intent or
obligation to update any forward-looking statements.
Dyadic (AMEX:DIL)
Historical Stock Chart
From Jun 2024 to Jul 2024
Dyadic (AMEX:DIL)
Historical Stock Chart
From Jul 2023 to Jul 2024