Dyadic International, Inc. (Jupiter, Fla.; www.dyadic.com) announced the closing of the previously announced sale of substantially all of the assets of its Industrial Technology business to DuPont’s Industrial Biosciences business for $75 million in cash. As previously announced, following the closing, Dyadic intends to focus exclusively on its biopharmaceutical business.
In connection with the closing of the transaction, all of Dyadic’s outstanding debt has been paid off or converted into shares of Dyadic’s common stock. In connection with the debt conversion, Dyadic’s CEO, Mark Emalfarb fully converted $1.0 million in debt for 0.69 million shares at a $1.48 per share price and the Francisco Trust, a trust for the benefit of his family, fully converted $0.5 million in debt for 0.40 million shares at a $1.28 per share price. The beneficial ownership of Dyadic common stock held by Dyadic’s CEO, Mark Emalfarb and the Francisco Trust decreased from 12.2% to 11.1% and from 12.7% to 11.1%, respectively. The remainder of the net proceeds from the transaction will be used to fund the previously announce stock repurchase program, ongoing professional liability litigation, the ongoing biopharmaceutical business and for general corporate purposes.