SCHEDULE: Dyadic International Stakeholder Adjusts Holdings

Francisco Trust, managed by Thomas Emalfarb, has updated its beneficial ownership of Dyadic International Inc. common stock, now holding 11.97% after a convertible note amendment.

Summary

• Francisco Trust, with Thomas Emalfarb as Trustee, has filed an amendment to its Schedule 13G, reporting its beneficial ownership of Dyadic International Inc. common stock.
• The trust now beneficially owns 4,363,045 shares, representing 11.97% of the class of securities outstanding as of March 24, 2026.
• This ownership includes 3,410,664 shares with sole voting power and 4,363,045 shares with sole dispositive power.
• Additionally, the trust holds 952,381 shares underlying a Convertible Note.
• The Convertible Note was amended on December 23, 2025, changing the conversion price from $1.40 to $1.05 per share.
• The maturity date of the Convertible Note was extended to December 31, 2027, and the holder's redemption right was eliminated, except in cases of default.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this filing as neutral, as it primarily reports on an existing investment's structural changes rather than new strategic developments or financial performance.

Positives

• The amendment reflects a significant stake (11.97%) in Dyadic International Inc., indicating continued investor confidence or strategic interest.
• The reduction in the conversion price of the Convertible Note to $1.05 per share could make conversion more attractive to the trust, potentially increasing its direct equity ownership.
• The extension of the Convertible Note's maturity date to December 31, 2027, provides a longer-term perspective for the investment.

Negatives

• The elimination of the holder's redemption right, except for default, reduces the trust's immediate flexibility regarding the Convertible Note.
• The filing does not provide details on the specific reasons for the amendment or the trust's future intentions beyond the reported ownership.

Risks

• The reliance on a Convertible Note for a portion of the beneficial ownership introduces conversion risk, dependent on the company's stock performance.
• The elimination of redemption rights means the trust is more exposed to the long-term performance of Dyadic International Inc. without an early exit option, barring default.

Future Outlook

The filing primarily concerns current beneficial ownership and amendments to a convertible note. It does not contain specific forward-looking statements or guidance from Dyadic International Inc. regarding future financial performance or strategic initiatives.

Industry Context

StockSavvy.ai notes that Schedule 13G filings are common for institutional investors and significant stakeholders to report their ownership stakes. The amendment details a modification to a convertible note, a financial instrument often used to provide flexibility for investors and issuers, and its terms can significantly impact future equity dilution and ownership percentages.

Stakeholder Impact

• Shareholders: The amendment to the convertible note, particularly the reduced conversion price and extended maturity, could influence future share dilution and the effective ownership stake of Francisco Trust.
• Creditors: The terms of the convertible note, including the elimination of redemption rights, may affect the company's financial flexibility and obligations.

Next Steps

• Dyadic International Inc. will continue to be subject to reporting requirements based on its outstanding shares.
• Francisco Trust will continue to hold its beneficial ownership, with potential future conversion of the note impacting its direct equity stake.

Key Dates

Keywords

Dyadic International Inc., Schedule 13G, Beneficial Ownership, Convertible Note, Thomas Emalfarb, Francisco Trust, SEC Filing, Equity, Investment