Dyadic International, a global biotechnology company based in Jupiter, Fla., has 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.
Dyadic intends to focus exclusively on its biopharmaceutical business.
All of Dyadic’s outstanding debt has been paid off or converted into shares of Dyadic’s common stock. A total of $8.11 million in convertible debt was exchanged for 6.12 million shares of Dyadic’s common stock and 1.05 million warrants with a $1.48 per share strike price with an expiration date of Dec. 31. A total of $0.56 million in cash and 0.10 million warrants with a $1.48 per share strike price with a Dec. 31 expiration date was paid/issued to convertible debt holders who elected not to convert. In addition, the outstanding nonconvertible note was paid off with $1.46 million in cash.