Dyadic International (NASDAQ: DYAI) adds CEO-related trust to $1M secured note
Rhea-AI Filing Summary
Dyadic International, Inc. reported that it entered into an amendment to its existing Security Agreement covering its Senior Secured Convertible Promissory Notes due March 8, 2027. The amendment, dated September 15, 2025, was executed with a majority of the current noteholders.
The amendment replaces Schedule A of the Security Agreement to update the list of secured parties. These updates include adding a trust established for the benefit of Dyadic’s CEO, Mark Emalfarb, following his purchase and assignment to him of one of the company’s senior secured convertible notes with a principal amount of $1,000,000.
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8-K Event Classification
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Item 1.01. Entry into a Material Definitive Agreement.
On September 15, 2025, Dyadic International, Inc. (the “Company”) entered into an amendment (the “Amendment”) to the Security Agreement, dated March 8, 2024 (the “Security Agreement”), with a majority of the current holders of the Company’s Senior Secured Convertible Promissory Notes due March 8, 2027. Pursuant to the Amendment, Schedule A of the Security Agreement was replaced in its entirety to reflect updates to the Secured Parties (as defined in the Security Agreement) thereunder, including the addition of a trust for the benefit of the Company’s CEO, Mark Emalfarb, as a result of his purchase and assignment to him of one of the Company’s Senior Secured Convertible Promissory Notes due March 8, 2027 in a principal amount of $1,000,000.
The foregoing description of the Amendment is only a summary of the material terms thereof, does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment, a copy of which is attached as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit Number |
Description | |
| 10.1 | Amendment to Security Agreement dated as of September 15, 2025 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| DYADIC INTERNATIONAL, INC. | ||
| Date: September 16, 2025 | By: | /s/ Ping W. Rawson |
| Ping W. Rawson | ||
| Chief Financial Officer | ||