Shareholders’ Equity

Issuances of Common Stock

The shares of common stock issued for the years ended December 31, 2018 and 2017 were 30,000 and 6,250, respectively, with a weighted average issue price per share of $0.15 and $0.23, respectively.

Stock Repurchases and Buybacks

Privately Negotiated Share Buyback Transactions

On January 11, 2017, the Company entered into a Securities Purchase Agreement with Pinnacle Family Office Investments L.P. (“Pinnacle”) to repurchase an aggregate of 2,363,590 shares of its common stock at $1.54 per share for an aggregate purchase price of $3,639,929. Upon repurchase, the shares were treated by Dyadic as treasury stock. The repurchase of shares from Pinnacle was in addition to Dyadic’s 2016 Stock Repurchase Program discussed below.

Stock Repurchase Programs

On February 16, 2016, the Board of Directors authorized a one-year stock repurchase program, under which the Company was authorized to repurchase up to $15 million of its outstanding common stock (the “2016 Stock Repurchase Program”). The 2016 Stock Repurchase Program ended on February 15, 2017.

On August 16, 2017, the Board of Directors authorized a new one-year stock repurchase program, under which the Company may repurchase up to $5 million of its outstanding common stock (the “2017 Stock Repurchase Program”). On August 6, 2018, the Board of Directors authorized an extension of this stock repurchase program through August 15, 2019.

Under the 2017 Stock Repurchase Program, the Company is authorized to repurchase shares in open-market purchases in accordance with all applicable securities laws and regulations, including Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The extent to which the Company repurchases its shares, and the timing of such repurchases, is dependent upon a variety of factors, including market conditions, regulatory requirements and other corporate considerations, as determined by the Company’s management. The repurchase program may be extended, suspended or discontinued at any time. The Company expects to finance the program from its existing cash resources. All repurchased shares are held in treasury.

The following table summarizes the Company’s stock repurchase activities:



Period	Total Number of Shares Purchased	Average Price Paid per Share		Amount		Total Number of Treasury Shares Purchased as Part of Publicly Announced Plan	Maximum Dollar Value of Shares that May Yet Be Purchased Under the Plan
Privately Negotiated Transactions:
January 12, 2016 - Abengoa repurchased and retired shares	2,136,752	$	1.35	$	2,884,615	—	N/A
January 11, 2017 - Pinnacle Family Office Investments L.P. repurchased shares	2,363,590	1.54		3,639,929		2,363,590	N/A
							$	15,000,000
2016 Stock Repurchase Program ⁽¹⁾:
January through December 2016	6,548,473	1.59		10,401,906		6,548,473	$	4,598,094
January 2017	867,507	1.60		1,384,021		867,507	$	3,214,073
February 2017	448,000	1.48		662,356		448,000	$	2,551,717

2017 Stock Repurchase Program:							$	5,000,000
September through December 2017	381,607	1.41		537,661		381,607	$	4,462,339
January 2018	165,000	1.40		231,000		165,000	$	4,231,339
March 2018	102,000	1.41		143,820		102,000	$	4,087,519
August 2018	1,377,325	1.40		1,929,222		1,377,325	$	2,158,297
Total open market and privately negotiated purchases	14,390,254	$	1.52	$	21,814,530	12,253,502

_________________

Notes:

(1) The 2016 Stock Repurchase Program ended on February 15, 2017.

Treasury Stock

As of December 31, 2018, there were 12,253,502 shares of common stock held in treasury, at a cost of approximately $18.9 million, representing the purchase price on the date the shares were surrendered to the Company. As of December 31, 2017, there were 10,609,177 shares held in treasury, at a cost of approximately $16.6 million.