Dyadic International Shareholders Approve Reverse Stock Split
December 08 2016 - 10:24AM
Dyadic International, Inc. (“Dyadic” or the “Company”)
(OTCQX:DYAI), a global biotechnology company focused on further
improving and leveraging the patented and proprietary C1 expression
system to help speed up the development and production of biologic
vaccines and drugs at flexible commercial scales, today announced
the results of its special meeting of shareholders held on
Wednesday, December 7, 2016. At the special meeting of Dyadic
shareholders, Dyadic’s shareholders approved the proposal to amend
Dyadic’s Restated Certificate of Incorporation to effect a reverse
stock split of the Company’s issued and outstanding shares of
common stock at a ratio between 1-for-2 and 1-for-4 and effective
upon a date, in each case, to be determined by the Company’s board
of directors.
The reverse stock split, if effected, may,
among other things, increase the per share trading price of the
Company’s common stock to potentially enable the Company to meet
the minimum price requirement for a potential listing on the NASDAQ
or another national stock exchange. Dyadic’s board of directors has
the discretion to implement the reverse stock split, at any time
prior to December 6, 2017 (up to 12 months after the special
meeting), or abandon the reverse stock split if it determines that
implementing a reverse stock split is not in the best interests of
Dyadic and its shareholders.
The affirmative vote of a majority of the shares
of Dyadic common stock outstanding as of the close of business on
the record date of October 21, 2016 was required to approve the
reverse stock split proposal. According to the final tally of
shares voted, a quorum of 31,950,364 (93.02%) of Dyadic’s total
outstanding shares of common stock on the record date voted in
person or by valid proxy at the special meeting. The final voting
results with respect to the reverse stock split proposal were as
follows: 28,120,199 votes for, 1,287,261 votes against, and
2,542,904 votes abstain.
About Dyadic International,
Inc.
Dyadic International, Inc. is a global
biotechnology company which is developing what it believes will be
a potentially significant biopharmaceutical protein production
system based on the fungus Myceliopthora thermophila, nicknamed C1.
The C1 microorganism, which enables the development and large scale
manufacture of low cost proteins, has the potential to be further
developed into a safe and efficient expression system that may help
speed up the development, production and performance of biologic
vaccines and drugs at flexible commercial scales. Dyadic is
using the C1 technology and other technologies to conduct research,
development and commercial activities for the development and
manufacturing of human and animal vaccines, monoclonal antibodies,
biosimilars and/or biobetters, and other therapeutic proteins.
Dyadic pursues research and development collaborations, licensing
arrangements and other commercial opportunities with its partners
and collaborators to leverage the value and benefits of these
technologies in developing and manufacturing biopharmaceuticals
which these technologies help produce. In particular, as the aging
population grows in developed and undeveloped countries, Dyadic
believes the C1 technology may help bring biologic drugs to market
faster, in greater volumes, at lower cost, and with new properties
to drug developers and manufacturers and, hopefully, improve access
and cost to patients and the healthcare system, but most
importantly saving lives.
Please visit Dyadic’s website at
http://www.dyadic.com for additional information, including details
regarding Dyadic’s plans for its biopharmaceutical business.
Dyadic trades on the OTCQX tier of the OTC
marketplace. Investors can find real-time quotes, market
information and financial reports for Dyadic, as well as additional
information related to its professional liability lawsuit, in the
company’s annual and quarterly reports which are filed with the OTC
markets. Please visit the OTC markets website at
www.otcmarkets.com/stock/DYAI/quote.
Safe Harbor Regarding Forward-Looking
Statements
Certain statements contained in this press
release are forward-looking statements within the meaning of the
federal securities laws. These forward-looking statements involve
risks, uncertainties and other factors that could cause Dyadic’s
actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Investors
are urged to consider these factors carefully in evaluating the
forward-looking statements and are cautioned not to place undue
reliance on such forward-looking statements. Any forward-looking
statements speak only as of the date of this press release and,
except as required by law, Dyadic expressly disclaims any intent or
obligation to update or revise any forward-looking statements to
reflect actual results, any changes in expectations or any change
in events. Factors that could cause results to differ materially
include, but are not limited to: (1) general economic, political
and market conditions; (2) our ability to carry out and implement
our biopharmaceutical research and business plans and strategic
initiatives; (3) Dyadic’s ability to retain and attract employees,
consultants, directors and advisors; (4) our ability to implement
and successfully carry out Dyadic’s and third parties research and
development efforts; (5) our ability to obtain new license and
research agreements; (6) our ability to maintain our existing
access to, and/or expand access to third party contract research
organizations in order to carry out our research projects for
ourselves and third parties; (7) competitive pressures and reliance
on key customers and collaborators; (8) the outcome of the current
litigation by Dyadic against its former counsel and; (9) other
factors discussed in Dyadic’s publicly available filings, including
information set forth under the caption “Risk Factors” in our
September 30, 2016 Quarterly Report filed with the OTC Markets on
November 10, 2016 and our December 31, 2015 Annual Report filed
with OTC Markets on March 29, 2016. New risks and uncertainties
arise from time to time, and it is impossible for us to predict
these events or how they may affect us.
Contact:
Dyadic International, Inc.
Thomas L. Dubinski
Chief Financial Officer
Phone: 561-743-8333
Email: tdubinski@dyadic.com
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