JUPITER, Fla., Dec. 08, 2016 (GLOBE NEWSWIRE) -- Dyadic International, Inc. (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.
