- Special meeting to be held December 7, 2016 to seek shareholder approval
- Proxy statement filed with the OTC Markets and posted on Dyadic’s website
JUPITER, Fla., Oct. 26, 2016 (GLOBE NEWSWIRE) -- Dyadic International, Inc. (“Dyadic”) (OTCQX:DYAI), a global biotechnology company focused on the development and large scale manufacture of low cost, better performing biologic vaccines and drugs at flexible commercial scales, today announced that it plans to hold a special meeting of shareholders on Wednesday, December 7, 2016 at 10:00 AM, EST, at the Wyndham Grand Jupiter at Harbourside Place, 122 Soundings Ave, Jupiter, FL 33477, to seek approval for a reverse stock split of Dyadic’s common stock. The reverse stock split proposal includes a ratio ranging between 1-for-every-2 shares to 1-for-every-4 shares, to be determined by Dyadic’s Board of Directors if such proposal is approved by shareholders.
The Board of Directors of Dyadic has fixed the close of business on October 21, 2016 as the record date for the determination of stockholders entitled to notice of, and to vote at, the special meeting and any adjournments or postponements thereof. The affirmative vote of a majority of the shares of our common stock outstanding on the record date will be required to approve the reverse stock split proposal.
The reverse stock split would not affect any shareholder's percentage ownership interests or proportionate voting power, except to the extent that it results in a shareholder receiving a cash payment in lieu of a fractional share. In addition, the reverse stock split would not reduce the total number of shares of common stock that Dyadic is authorized to issue. Dyadic's Board of Directors reserves its right, even upon shareholder approval, to elect not to proceed with the reverse stock split if it determines that implementing a reverse split is not in the best interests of Dyadic and its shareholders.
Important Information about the Reverse Stock Split Proposal
This communication may be deemed to be solicitation material in connection with the proposal to be submitted to Dyadic's shareholders at its special meeting seeking approval to authorize a reverse stock split (the "Reverse Stock Split Proposal").
Additional Information and Where to Find It
This communication is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell shares. It is also not a substitute for the Proxy Statement or any other documents that Dyadic may post to its website, the OTC Marketplace Portal or send to stockholders in connection with the proposed transaction.
A notice of the special meeting and a proxy statement to solicit the votes of Dyadic stockholders to approve the Reverse Split Proposal (the “Proxy Statement”) will be posted to Dyadic’s website (http://www.dyadic.com/) and the OTC Marketplace Portal (www.otcmarkets.com/stock/DYAI/filings) and mailed to Dyadic stockholders.
THE PROXY STATEMENT WILL CONTAIN IMPORTANT INFORMATION ABOUT DYADIC AND THE REVERSE STOCK SPLIT. DYADIC STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT CAREFULLY AND IN ITS ENTIRETY WHEN IT BECOMES AVAILABLE BEFORE MAKING ANY DECISION REGARDING VOTING ON THE PROPOSED TRANSACTIONS.
Dyadic’s annual and quarterly reports and other important information regarding Dyadic, including the Proxy Statement, once it is posted, are available free of charge at Dyadic’s website (http://www.dyadic.com/) and the OTC Marketplace Portal (www.otcmarkets.com/stock/DYAI/filings).
Participants in the Solicitation
Dyadic and its Board of Directors and executive officers may be deemed to be participants in the solicitation of proxies from the holders of Dyadic common stock in respect of the Reverse Stock Split Proposal. Information about the directors and executive officers of Dyadic is set forth in Dyadic's proxy statement for its 2016 annual meeting of shareholders, which was filed with the OTC Markets on March 29, 2016. Investors may obtain additional information regarding the interest of Dyadic and its directors and executive officers in the Reverse Stock Split Proposal by reading the proxy statement relating to the special meeting.
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 & 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/filings.
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, advisors and contract research organizations (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) competitive pressures and reliance on key customers and collaborators (7) the outcome of the current litigation by Dyadic against its former counsel and (8) other factors discussed in Dyadic’s publicly available filings, including information set forth under the caption “Risk Factors” in 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: firstname.lastname@example.org
Source:Dyadic International, Inc.