Investors are expected to scrutinize stocks that may have been generating attention, Dyadic International Inc. (NASDAQ: DYAI) being one such stock, a value play.
A company that garnered significant investor attention yesterday saw a 5.80% increase in its stock price by day's end. Trading activity for Dyadic shares reached 51,811, with the average daily volume being 2.5 times the 30-day volume. Additionally, the stock closed above its 50-day moving average, indicating a positive shift in the overall outlook for Dyadic making it a stock to watch in the immediate future.
The global biotech corporation made headlines on Monday with its announcement of a securities purchase agreement dated March 8, 2024. Under this agreement, the company conducted a private placement, selling and issuing $6 million worth of its 8% Senior Secured Convertible Promissory Notes. Investors of the notes include family trusts and immediate family members of the company’s Chief Executive Officer and President, Mark Emalfarb. Among these entities was the Francisco Trust, which held over 5% of Dyadic's outstanding common stock.
The press release highlighted that the convertible notes would constitute obligations of Dyadic and its affiliated entities. Interest accrued on the notes would be disbursed quarterly in cash at an annual rate of 8%. The convertible notes would reach maturity on March 8, 2027, unless earlier repurchased, converted, or redeemed in accordance with the terms. Holders of the convertible notes would also possess the right to convert them into Class A common stock of the company at any point before the maturity date. Keeping an eye on Dyadic's stock might be advisable at this juncture.
This marked the first financing round for the company since 2006. In 2015, Dyadic sold its industrial business interests to Dupont for $75 million. The proceeds were utilized for share buybacks and to fund the development of Dyadic’s C1 platform. The company repurchased approximately 22 million shares during 2016-17, reflecting its ongoing commitment to enhancing shareholder value.
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