Specialty enzyme company Dyadic International, Inc. has received an additional $1 million to complete its previously announced private placement of convertible subordinated secured promissory notes, which has provided Dyadic with total gross proceeds of $4 million. (Earlier post.)
Three of the eight private investors participating in this offering are officers and/or directors of Dyadic representing approximately one-third of the total gross proceeds.
As previously announced, the Notes will pay interest quarterly at a rate of 8% per annum. The Notes will be convertible, at the holder’s option after 1 January 2011, into shares of Dyadic common stock at a conversion price of $1.82 which represents 120% of the average closing price for the 30-day period preceding the closing date. The Notes mature on 1 January 2013.
Dyadic expects to use proceeds from this offering for working capital including continued investments in research and development and new product introductions, and general corporate purposes.