Dyadic International, Inc. announced that it has entered into a securities purchase agreement to issue 8.0% senior secured convertible promissory notes for an aggregate principal amount of $6.0 million on March 8, 2024. The purchasers of the convertible notes include immediate family members and family trusts related to Mark Emalfarb, company's President and Chief Executive Officer and a member of company's Board of Directors, including returning investor, The Francisco Trust U/A/D February 28, 1996. The convertible notes will mature on March 8, 2027.

The convertible notes will be convertible into shares of the company?s common stock, in whole or in part, at the option of the holders at any time, based on an initial conversion price of $1.79 per share of common stock.