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Dec. 31, 2015, 10:36 AM
- Nano cap Dyadic International (OTCQX:DYAI +0.6%) closes the previously announced sale of its Industrial Technology business to DuPont's Industrial Biosciences unit for $75M in cash. It did the deal in order to focus exclusively on its biopharmaceutical business.
- In connection with the transaction, the company has retired all of its outstanding debt by either paying it off or converting it into common shares. Specifically, $8.11M in convertible debt was exchanged for 6.12M shares of DYAI common and 1.05M warrants to purchase common shares at $1.48. The outstanding non-convertible note was paid off with $1.46M in cash.
- The remainder of the net proceeds will fund stock repurchases, ongoing professional liability litigation, ongoing biopharmaceutical operations and general corporate purposes.
Dyadic International, Inc. is a global biotechnology company headquartered in Jupiter, Florida with operations in the United States and the Netherlands. Dyadic uses its patented and proprietary technologies to conduct research, development and commercial activities for the discovery,... More
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