SCHEDULE: Bandera Partners Amends Dyadic Stake Disclosure

Bandera Partners LLC and its managing members filed an amended Schedule 13G, disclosing a 4.6% beneficial ownership stake in Dyadic International Inc.

Summary

• Bandera Partners LLC, Gregory Bylinsky, and Jefferson Gramm filed an Amendment No. 3 to Schedule 13G regarding their beneficial ownership in Dyadic International Inc.
• The reporting persons collectively beneficially own 1,383,308 shares of Dyadic International Inc. common stock.
• This ownership represents 4.6% of the company's outstanding common stock.
• The percentage is calculated based on 30,090,661 shares outstanding as of May 13, 2025, as disclosed in Dyadic's Quarterly Report on Form 10-Q.
• Bandera Partners LLC, as the investment manager of Bandera Master Fund L.P., holds sole voting and dispositive power over these shares.
• Gregory Bylinsky and Jefferson Gramm, as Managing Members of Bandera Partners, share voting and dispositive power over the same shares.
• The shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing the control of the issuer.

Sentiment

Score: 5

Explanation: A Schedule 13G filing is a routine disclosure of beneficial ownership and typically carries a neutral sentiment unless there's a significant change in stake or an activist intent. This amendment shows a stable, passive stake below 5%.

Positives

• A significant institutional investor, Bandera Partners LLC, maintains a notable stake in Dyadic International Inc., indicating continued interest.
• The filing confirms the shares are held in the ordinary course of business, suggesting a passive investment rather than an activist intent to influence control.

Negatives

• The beneficial ownership percentage of 4.6% is below the 5% threshold, which means the investor is not required to file a Schedule 13D, typically associated with more active or influential stakes.

Future Outlook

NA

Industry Context

This filing is a routine disclosure of passive beneficial ownership by an investment firm. It does not provide specific insights into Dyadic International Inc.'s industry trends or competitive landscape, but it indicates continued institutional interest in the company.

Stakeholder Impact

• Shareholders: Provides transparency regarding a significant institutional holder's stake, confirming a passive investment approach.
• Management: Indicates continued institutional investor confidence, albeit from a passive holder.

Key Dates

Keywords

Dyadic International Inc, Bandera Partners LLC, Schedule 13G, Beneficial Ownership, Common Stock, SEC Filing, Investment Management, Institutional Investor