aibioDyadic International gets Nasdaq delisting notice over bid price, plans hearing
Tickers DYAI
Nasdaq started a process that could lead to delisting after Dyadic missed the June 17, 2026 deadline to meet the $1.00 minimum bid price. The company plans to request a hearing, and the request automatically stays any delisting action until the panel decides.
Key facts
- Company
- Dyadic International, Inc. (NASDAQ: DYAI)
- News type
- Listings
- Primary source
- DYADIC INTERNATIONAL INC Form 8-K filed June 18, 2026 (SEC EDGAR)
Dyadic International, Inc. (Nasdaq: DYAI) said on June 18, 2026 that it received a notification from The Nasdaq Stock Market LLC that Nasdaq has begun a process that could result in delisting of its securities. The company described the notice in a Form 8-K filed the same day. The notice cites a failure to comply with Nasdaq Listing Rule 5450(a)(1), which requires a minimum bid price of $1.00 per share.
The bid price deadline
Dyadic was given 180 calendar days, until June 17, 2026, to regain compliance with the bid price rule. The 8-K says that as of June 17, 2026 it had neither regained compliance nor met the condition for an extension. That condition is shareholders' equity of at least $5 million. It could have had another 180 calendar days, until December 15, 2026, had it met that equity test and the other initial listing standards.
A second deficiency
The notice also cites Nasdaq Listing Rule 5550(b), the continued listing standard. Under that rule, a company must meet at least one of three tests: $2.5 million in shareholders' equity, $35 million in market value of listed securities, or $500,000 of net income from continuing operations.
The 8-K says Dyadic initially had until September 23, 2026 to regain compliance with the continued listing standards. Because it is now subject to delisting proceedings over the bid price rule, that second deficiency serves as an additional basis for delisting.
Dyadic's annual report for 2025, filed March 25, 2026, describes the history. It says the company was notified in early 2025 that it met neither the $35 million market value of listed securities requirement nor the minimum bid price requirement, and in October 2025 Nasdaq told it that it had cured both. On December 19, 2025 it was notified that it again did not comply with the minimum bid price requirement.
The hearing
Dyadic plans to request a hearing before an independent Nasdaq hearings panel. The 8-K says the hearing request automatically stays any suspension or delisting action at least through the date of the panel's written decision. The company may try to cure both deficiencies before the hearing, and if it does not or cannot, it may ask the panel for an extension, which the panel may grant at its discretion. The 8-K says the longest extension the panel can give runs through December 15, 2026.
Cash and money raised
The annual report does not carry a going-concern warning. It says the company expects its existing cash, cash equivalents, restricted cash and investment securities, approximately $8.6 million as of December 31, 2025, to be sufficient for its requirements for at least the next twelve months. It adds that there are no assurances more funds will be available and that equity financing could dilute shareholders. For 2025 it reported a net loss of $7.4 million and used $5.7 million in operations.
In August 2025 Dyadic completed an underwritten offering of 6,052,000 shares of common stock, sold under an underwriting agreement dated July 30, 2025 with Craig-Hallum Capital Group LLC. The public offering price was $0.95 per share and the net proceeds were $4.9 million. On March 6, 2026 the company also signed an at-the-market sales agreement with Craig-Hallum as sales agent for up to $4,238,000 of common stock, and the report says no shares had been sold under it as of December 31, 2025.
Dyadic also has $6.0 million of 8.0% senior secured convertible notes issued on March 8, 2024. Buyers included family members and trusts related to Mark Emalfarb, the Chief Executive Officer. A December 23, 2025 amendment extended the maturity to December 31, 2027 and set the conversion price at $1.05 per share.
The 8-K does not give the closing price or the trading period that triggered the notice.
The business
Dyadic does business as Dyadic Applied BioSolutions. The annual report describes it as a biotechnology company based in Jupiter, Florida that develops and sells animal-free recombinant proteins and enzymes.
Its C1 platform was historically licensed to third parties, including Abengoa Bioenergy, BASF SE and Codexis, Inc., for industrial uses.
Who signed
Ping Rawson, Chief Financial Officer, signed the 8-K on June 18, 2026.